HARRY HUGHES, Governor

3937

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 8. 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 9. 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.

SECTION 10. 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 said Acts, and the validity of
said bonds is hereby ratified, confirmed and approved. This Act,
being necessary for the welfare of the inhabitants of Cecil
County, shall be liberally construed to effect the purposes
hereof. All Acts and parts of Acts inconsistent with the
provisions of this Act are hereby repealed to the extent of such
inconsistency.

SECTION 11. AND BE IT FURTHER ENACTED, That prior to the
payment of any funds under the provisions of this Act for the