Ch. 435

1993 LAWS OF MARYLAND

funds received or receivable in any fiscal year that the County determines to apply to
payments of the principal of or interest on the bonds, taxes that might otherwise be
required to be levied under this Act may be reduced proportionately 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, by payment at
maturity or the purchase or redemption of bonds in advance of maturity 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 pay any of its outstanding bonds issued under this Act at
maturity, 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, for the purpose of
providing it with funds to redeem prior to maturity any outstanding bonds issued under
this Act which are, by their terms, redeemable, for the purpose of providing it with funds
to pay interest on any outstanding bonds issued under this Act prior to their payment at
maturity or purchase or redemption in advance of maturity, or for the purpose of
providing it with funds to pay any redemption or purchase premium in connection with
the refunding of any of its outstanding bonds issued under this Act. 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,
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 under this Act which may have become mutilated or lost of destroyed
upon whatever conditions and after receiving whatever indemnity 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.

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, alternative and supplemental authority for borrowing money and shall be
regarded as supplemental and additional to powers conferred upon the County by other

- 2372 -