HARRY HUGHES, Governor

1751

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] DELIVERY delivery, provided,
however, that any such interim certificates or [termporary]
TEMPORARY 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.

SECTION 9. AND BE IT FURTHER ENACTED, That this Act
shall take effect [July 1, 1980] JUNE June 1, 1982.

Approved May 4, 1982.

CHAPTER 227

(House Bill 1682)

AN ACT concerning

Cecil County - Finances and Taxation

FOR the purpose of providing that the proper allowance for a
contingent fund in the Cecil County budget does not
exceed a certain amount.

BY repealing and reenacting, with amendments,