2406

LAWS OF MARYLAND

Ch. 432

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 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 of
the Board, provide for the replacement of any bonds issued
hereunder which may have been mutilated or lost or destroyed upon
whatever conditions and after receiving whatever indemnity as the
County may require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all
obligations issued under 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 under this Act,
their transfer, the interest payable on them, and any income
derived from them from time to time (including any profit made in
the sale or exchange 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 9. AND BE 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, alternative, and
supplemental 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 enacted authorizing the County to borrow
money are hereby continued to the extent that the powers
contained in such Acts are continuing or 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 the 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repealed to the extent of such inconsistency.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 10. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1985.

Approved May 21, 1985.