Ch. 417

LAWS OF MARYLAND

SECTION 6. AND BE IT FURTHER ENACTED, That the County is
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 hereunder. The validity of any such refunding bonds shall
in no way be dependent upon or related to the validity or
invalidity of the obligations so 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 hereunder, prior to the maturity thereof, or for the
purpose of providing it with funds for the redemption prior to
maturity of any outstanding bonds issued hereunder which are, by
their terms, redeemable. The proceeds of the sale of any such
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, with or without coupons,
exchangeable for definitive bonds when such bonds have been
executed and are available for such delivery, provided, however,
that any such interim certificates or temporary bonds shall be
issued in all respects subject to the restrictions and
requirements set forth in this Act. The County may, by
appropriate resolution, provide for the replacement of any bonds
issued hereunder which shall have become mutilated or lost or
destroyed upon such conditions and after receiving such indemnity
as the County may require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act, their
transfer, the interest payable thereon, and any income derived
therefrom in the hands of the holders thereof from time to time
(including any profit made in the sale 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 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 an additional and alternative

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