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Ch. 50
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2002 LAWS OF MARYLAND
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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 roads and 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,
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.
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- 1140 -
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