Ch. 428

LAWS OF MARYLAND

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. 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 prof it 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 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 or 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not been exercised, unless any law is expressly repealed by this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
Act, being, necessary for the welfare of the inhabitants of the
County, shall be liberally construed to effect its purposes. All
Acts and parts of Acts inconsistent with the provisions of this
Act are hereby repealed to the extent of any inconsistency.

SECTION 10. AND BE IT FURTHER ENACTED, That   this   Act  shall
take effect June 1, 1987.

Approved May 14, 1987.

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