Ch. 507                                    1994 LAWS OF MARYLAND

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 or 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
laws and shall not be regarded as in derogation of any power now existing; and all Acts of
the General Assembly of Maryland heretofore passed authorizing the County to borrow
money aire hereby continued to the extent that the power contained in them is continuing
'or has not been exercised, unless any law is expressly repealed by this Act, and nothing
contained in this Act may be construed to impair, in any way, the validity of any bonds
that may have been issued by the County under the authority of any said Act, and the
validity of such bonds is hereby ratified, confirmed and approved. This Act, being
necessary for. the welfare of the inhabitants of Dorchester County, shall be liberally
construed to effect its purposes. All Acts and parts of Acts inconsistent with the
provisions of this Act are hereby repealed to the extent of any. inconsistency.

SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1994.

Approved May 26, 1994.

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