HARRY HUGHES, Governor

2647

bonds issued hereunder any funds received by it from the
State of Maryland, the United States of America, any agency
or instrumentality thereof, or from any other source, if
such funds are granted for the purpose of assisting the
County in financing the construction, improvement, or
development of the public facilities defined in this Act
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 accordingly.

SECTION 6. AND BE IT FURTHER ENACTED, That the County
is hereby further 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 shall be applicable to the
issuance of refunding bonds. Such refunding bonds may be
issued by the County for the purpose of providing it with
funds to purchase in the open market any of its outstanding
bonds issued hereunder, prior to the maturity thereof, or
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
proceeds of the sale 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 the County
may, prior to the preparation of definitive bonds, issue
interim certificates or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds
have been executed and are available for such delivery,
provided, however, that any such interim certificates or
temporary bonds shall be issued in all respects subject to
the restrictions and requirements set forth in this Act.
The County may, by appropriate resolution, provide for the
replacement of any bonds issued hereunder which shall have
become mutilated or lost or destroyed upon such conditions
and after receiving such indemnity as the County may
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 in the hands of the holders thereof from
time to time (including any profit made in the sale thereof)
shall be and are hereby declared to be at all times exempt
from State, county, municipal or other taxation of every
kind and nature whatsoever within the State of Maryland.