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S.B. 474
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VETOES
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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 8. 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 9. 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 their sale) 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.
SECTION 9. 10. AND BE IT FURTHER ENACTED, That nothing in this Act
shall prevent the County from authorizing the issuance and sale of bonds:
(a) on which the interest or income derived is not excludable from gross
income for federal income tax purposes; or
(b) which are subject to any State, county, municipal or other taxation
within the State of Maryland.
SECTION 10. 11. AND BE IT FURTHER ENACTED, That the authority to
borrow money, to issue bonds, and to provide loans and grants of the same that is
conferred on the County by this Act shall be deemed to provide an additional and
alternative authority for borrowing, lending, and granting 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 Dorchester County, shall be liberally construed to effect the
purposes hereof. All Acts and parts of Acts inconsistent with the provisions of this Act
are hereby repealed to the extent of such inconsistency.
SECTION 11. 12. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2000.
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May 18, 2000
The Honorable Thomas V. Mike Miller, Jr.
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- 3892 -
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