Ch. 460

1997 LAWS OF MARYLAND

Maryland, the United States of America, any agency or instrumentality thereof, or from
any other source, if such funds are granted for the purpose of assisting the County in
financing the acquisition, construction, improvement, or development of the public
facilities defined in this Act and, to the extent of any such funds received or receivable in
any fiscal year, the taxes that are required to be levied may be reduced accordingly.

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, by payment at maturity or
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 in such an amount as shall be necessary for the purpose of
providing it with funds to pay any of its outstanding bonds issued hereunder at maturity,
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, for the purpose of providing it
with funds to pay interest on any outstanding bonds issued hereunder prior to their
payment at maturity of 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 hereunder. 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

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