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1456 LAWS OF MARYLAND Ch. 472
Article 41 of the Annotated Code of Maryland (1982 cum. supp.),
or any other then existing law authorizing the issuance of bonds
for such purpose. For the purpose of determining whether
refunding bonds issued under this section are within the maximum
principal amount of bonds authorized by this Act, the amount of
bonds to be refunded shall be subtracted from, and the amount of
refunding bonds to be issued shall be added to, the aggregate of
the bonds issued and outstanding under this Act.
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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 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 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.
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SECTION 8. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act shall be
deemed to be negotiable instruments and shall have and possess
all the attributes of negotiable instruments under the laws of
the State of Maryland. 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.
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SECTION 9. AND BE IT FURTHER ENACTED, That the authority to
borrow money and issue bonds conferred on the County by this Act
shall be deemed to provide an additional and alternative
authority for borrowing money and shall be regarded as
supplemental and additional to powers conferred upon the County
by other laws and shall not be regarded as in derogation of any
power now existing; and all Acts of the General Assembly of
Maryland heretofore passed authorizing the County to borrow money
are hereby continued to the extent that the powers contained in
such Acts have not heretofore been exercised, and nothing herein
contained shall be construed to impair, in any way whatsoever,
the validity of any bonds which may have been issued by the
County under the authority of any of such Acts, and the validity
of such bonds is hereby ratified, confirmed and approved. This
Act, being necessary for the welfare of the inhabitants of
Frederick County, shall be liberally construed to effect the
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