Ch. 332

LAWS OF MARYLAND

and interest on all the bonds maturing in each such fiscal year
and, if the proceeds from the taxes so levied in any fiscal year
prove inadequate for such payment, additional taxes shall be
levied in the succeeding fiscal year to make up any deficiency.
The County may apply to the payment of the principal of and
interest on any bonds issued hereunder any funds received by it
from the State of Maryland, the United States of America, any
agency or instrumentality of either, or from any other source.
If such funds are granted for the purpose of assisting the County
in financing the construction, improvement, or development of the
public facilities defined in this Act and, to the extent of any
such funds received or receivable in any fiscal 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 which are, by their
terms, redeemable. The proceeds of the sale of any 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. 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.

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