ROBERT L. EHRLICH, JR., Governor                             Ch. 205

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.

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
Washington 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and parts of Acts inconsistent with the provisions of this Act are hereby repealed to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 10. AND BE IT FURTHER ENACTED, That the borrowing
authorized by this Act may also be undertaken by the County in the form of
installment purchase obligations executed and delivered by the County for the
purpose of acquiring easements or similar or related rights in land, including
transferable development rights, that restrict the use of agricultural land or
woodland to maintain the character of the land as agricultural land or woodland. The
form of installment purchase obligations, the manner of accomplishing the acquisition
of easements, which may be by the direct exchange of installment purchase
obligations for easements or transferable development rights, and all matters
incident to the execution and delivery of the installment purchase obligations and
acquisition of the easements or transferable development rights by the County shall
be determined in the resolution. Except where the provisions of this Act would be
inapplicable to installment purchase obligations, the term "bonds" used in this Act
shall include installment purchase obligations and matters pertaining to the bonds
under this Act, such as the security for the payment of the bonds, the exemption of the
bonds from State, county, municipal, or other taxation, and authorization to issue
refunding bonds and the limitation on the aggregate principal amount of bonds
authorized for issuance, shall be applicable to installment purchase obligations.

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