742

LAWS OF MARYLAND

Ch. 254

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 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.

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 June 1, 1984.

Approved May 8, 1984.