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PARRIS N. GLENDENING, Governor Ch. 558
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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 from the State of Maryland, the United States of
America, any agency or instrumentality thereof or the Tourism Council of Frederick
County, Inc., or from any other source. If such funds are granted for the purpose of
assisting the County in financing the construction of buildings and improvements of
the Tourism Council of Frederick County, Inc., defined in this Act and, to the extent of
any such funds received or receivable in any fiscal year, the taxes that might otherwise
be levied under this Act, may be reduced or need not be levied.
SECTION 15. 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 herein above 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 16. 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 17. 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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- 2965 -
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