WILLIAM DONALD SCHAEFER, Governor                    Ch. 412

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, development, or
renovation 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 are in no way dependent upon or related to the
validity or invalidity of the obligations being refunded. The
powers granted under this Act 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.

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

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