294

LAWS OF MARYLAND

Ch. 81

year, taxes that might otherwise be required to be levied under
this Act may be reduced or need not be levied.

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 issued hereunder which
are, by 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 7. AND BE IT FURTHER ENACTED, That the County may,
prior to the preparation of definitive bonds, issue interim
certificates or temporary bonds, 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, provide for the replacement of
any bonds issued under this Act which may have become 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, their transfer, the interest
payable on them, and any income derived from them from time to
time (including any profit made in their sale) 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 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, 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 previously enacted laws
authorizing the County to borrow money are hereby continued to
the extent that the power contained in them is continuing and has
not been exercised, unless any law is expressly repealed by this
Act, and the validity of any bonds issued under previously
enacted laws is hereby ratified, confirmed, and approved. This