1014

LAWS OF MARYLAND

Ch. 270

SECTION 6. AND BE IT FURTHER ENACTED, That the County is
hereby further authorized and empowered, at any time and from
time to time, to issue its bonds in the manner hereinabove
described for the purpose of refunding, upon purchase or
redemption, any bonds issued under this Act. The validity of any
refunding bonds shall in no way be dependent upon or related to
the validity or invalidity of the obligations being refunded.
The powers herein granted with respect to the issuance of bonds
shall be applicable to the issuance of refunding bonds. Such
refunding bonds may be issued by the County for the purpose of
providing it with funds to purchase in the open market any of its
outstanding bonds issued under this Act, prior to their maturity,
or for the purpose of providing it with funds for the redemption
prior to maturity of any outstanding bonds which are, by their
terms, redeemable. The proceeds of the sale of any 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 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