PARRIS N. GLENDENING, Governor

Ch. 61

deficiency. The County may apply to the payment of the principal of and interest on any
bonds issued hereunder any funds received by it from the State of Maryland, the United
States of America, any agency or instrumentality of either, or from any other source. If
such funds are available for the purpose of assisting the County in financing the public
facilities, taxes that might otherwise be required to be levied under this Act may be
reduced or need not be levied to the extent that any such funds are received or receivable
in any fiscal year.

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 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 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 of the Board provide for the
replacement of any bonds issued under this Act which may have been mutilated, 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 the sale or exchange 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 hereunder 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
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
previously enacted laws authorizing the County to borrow money are 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 the validity of any bonds issued under
previously enacted laws is hereby ratified, confirmed and approved. This Act, being

- 1349 -