WILLIAM DONALD SCHAEFER, Governor Ch. 321

delivery. The County may, by appropriate resolution of the Board
provide for the replacement of any bonds issued under this Act
which may have been mutilated, 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 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 hereunder the issuance and sale of bonds the interest
on which 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 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not been exercised, unless any law is expressly repealed by this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Act are hereby repealed to the extent of inconsistency.

SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1989.

Approved May 19, 1989.

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