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Ch. 650 LAWS OF MARYLAND
TO OTHER MATTERS RELATING TO THE ISSUANCE OF BONDS HEREUNDER
SHALL BE CONCLUSIVE.
(F) PENSION LIABILITY FUNDING BONDS ISSUED PURSUANT TO THIS
SECTION, THEIR TRANSFER, THE INTEREST PAYABLE ON THEM AND ANY
INCOME DERIVED FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR
SALE AND EXCHANGE, SHALL BE EXEMPT AT ALL TIMES FROM EVERY KIND
AND NATURE OF TAXATION BY THIS STATE OR BY ANY OF ITS POLITICAL
SUBDIVISIONS, MUNICIPAL CORPORATIONS, OR PUBLIC AGENCIES OF ANY
KIND. NOTHING IN THIS SECTION SHALL PREVENT ANY PUBLIC BODY
DESCRIBED IN PARAGRAPH (B) ABOVE FROM AUTHORIZING THE ISSUANCE
AND SALE OF PENSION LIABILITY FUNDING BONDS THE INTEREST ON WHICH
IS NOT EXCLUDABLE FROM GROSS INCOME FOR FEDERAL INCOME TAX
PURPOSES.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
be liberally construed to effect the purposes thereof, and if any
provision of this Act or the application thereof to any person or
circumstance is held invalid for any reason in a court of
competent jurisdiction, the invalidity does not affect other
provisions or any other application of this Act which can be
given effect without the invalid provision or application, and
for this purpose the provisions of this Act are declared
severable.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1987.
Approved June 2, 1987.
CHAPTER 650
(Senate Bill 1000)
AN ACT concerning
Commercial Law - Automotive Warranty Enforcement
FOR the purpose of providing that it is an unfair and deceptive
trade practice to violate the provisions of the Automotive
Warranty Enforcement Act; providing that the Automotive
Warranty Enforcement Act shall apply only to new motor
vehicles; extending the protections of the Automotive
Warranty Enforcement Act to all warranties; requiring that
the nonconformity, defect, or condition shall be corrected
within a certain period of time; requiring the dealer to
notify the manufacturer of the nonconformity in certain
circumstances; requiring a manufacturer to notify the Motor
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