864

LAWS OF MARYLAND

Ch. 116

instrumentality thereof, or from any other source, if such
funds are granted for the purpose of assisting the county in
public building construction or in the purchase of emergency
related equipment, and to the extent of any such funds
received or receivable in any fiscal year the taxes hereby
required to be levied may be reduced proportionately.

SECTION 6. AND BE IT FURTHER ENACTED, That the county
is hereby authorized and empowered, at any time and from
time to time, to issue its bonds in the manner hereinabove
described for the purpose of refunding, upon purchase or
redemption, any bonds issued hereunder. The validity of any
such refunding bonds shall in no way be dependent upon or
related to the validity or invalidity of the obligations so
refunded. The powers herein granted with respect to the
issuance of bonds, and also the limitations herein on such
powers, shall be applicable to the issuance of refunding
bonds. Said refunding bonds may be issued by the county for
the purpose of providing it with funds for the redemption
prior to maturity of any outstanding bonds issued hereunder
which are, by their terms, redeemable. The resolution
authorizing the issue of any such refunding bonds shall
describe the issue or issues of bonds of the county so to be
refunded, and no issue of such refunding bonds shall exceed
in amount the par amount of such bonds so described in said
resolution. No such refunding bonds shall actually be
delivered to the purchaser or purchasers thereof more than
six (6) months in advance of redemption date or dates of
bonds to be redeemed and refunded, and the proceeds of any
such refunding bonds shall be segregated and set apart by
the county as a separate trust fund to be used solely for
the purpose of paying the purchase or redemption prices of
the bonds to be refunded.

SECTION 7. AND BE IT FURTHER ENACTED, That in the
issuance of any of the bonds authorized hereby, the county
may, prior to the preparation of definitive bonds or
obligations, issue interim certificates or temporary bonds,
with or without coupons, exchangeable for definitive bonds
when such bonds or obligations have been executed and are
available for deliver, provided, however, that any such
interim certificates or temporary bonds shall be issued in
all respects subject to the restrictions and requirements
set forth herein. The county may, by appropriate
resolution, provide for the replacement of any bonds issued
hereunder which shall have become mutilated or be destroyed
or lost upon such conditions and after receiving such
indemnity as the county may think it proper and necessary to
stipulate and require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act,
their transfer, the interest payable thereon, and any income
derived therefrom, including any profit made in the sale or
exchange thereof, shall be and is hereby declared to be
exempt from State, county, and municipal taxation of every
kind and nature whatsoever in the State of Maryland.