Ch. 472                                           LAWS OF MARYLAND

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 at or prior to
maturity of any outstanding bonds issued hereunder which are by
their terms redeemable including the payment of any redemption
premium or interest accrued or to accrue thereon. The net
proceeds of any such refunding bonds shall be segregated and set
apart by the County as a separate trust fund to be used for the
purposes described in this section. The County may issue bonds
for the purpose of refunding bonds hereunder under the authority
of this Act or any other then existing law authorizing the
issuance of bonds for such purpose. For the purpose of
determining whether refunding bonds issued under this section are
within the maximum principal amount of bonds authorized by this
Act, the amount of bonds to be refunded shall be subtracted from,
and the amount of refunding bonds to be issued shall be added to,
the aggregate of the bonds issued and outstanding under this Act.

SECTION 7. AND BE IT FURTHER ENACTED, That, in the issuance
of any of the bonds authorized hereby, the County may, prior to
the preparation of definitive bonds or obligations, issue interim
certificates or temporary bonds, with or without coupons,
exchangeable for definitive bonds when such bonds or obligations
have been executed and are available for 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 herein. The County may by appropriate
resolution, provide for the replacement of any bonds issued
hereunder which shall have become mutilated or be destroyed or
lost upon such conditions and after receiving such indemnity as
the County may think it proper and necessary to stipulate and
require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act shall be
deemed to be negotiable instruments and shall have and possess
all the attributes of negotiable instruments under the laws of
the State of Maryland. Any and all obligations issued pursuant
to the authority of this Act, their transfer, the interest
payable thereon, and any income derived therefrom, including any
profit made in the sale or exchange thereof, shall be and is
hereby declared to be exempt from State, County, and municipal
taxation of every kind and nature whatsoever in 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 an additional and alternative
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 Acts of the General Assembly of

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