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PARRIS N. GLENDENING, Governor
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Ch. 558
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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 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
an additional and alternative 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 are hereby continued to the extent that the powers contained in such Acts have
not been exercised, 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 Acts, and the validity of the bonds is hereby ratified, confirmed,
and approved. This Act, being necessary for the welfare of the inhabitants of Carroll
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- 2961 -
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