PARRIS N. GLENDENING, Governor

Ch. 721

the event the proceeds from the taxes so levied in any such fiscal year shall prove
inadequate for such payment, additional taxes shall be levied in the succeeding fiscal year
to make up any such deficiency. The County may apply to the payment of the principal of
and interest on any bonds issued hereunder any funds received by it as loan payments
from the volunteer fire departments and any funds received by it from the State of
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 or the aforementioned financing of fire and emergency
related equipment or buildings or other facilities of volunteer fire departments in Carroll
County 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 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.

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