Ch. 384

LAWS OF MARYLAND

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 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. Nothing in this
Act shall prevent the County from authorizing issuance and sale
of the bonds even if the interest is not excludable from gross
income for federal income tax purposes.

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 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 Charles 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repealed to the extent of such inconsistency.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, 1987.

Approved May 14, 1987.

CHAPTER 384

(Senate Bill 740)                                                 

AN ACT concerning

Dorchester County - Board of Education

FOR the purpose of authorizing and empowering the County
Commissioners of Dorchester County to issue and sell serial
bonds upon the full faith and credit of the County in an
amount not in excess of $2,000,000, to be issued in such

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