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2007 Laws of Maryland
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Ch. 392
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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 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 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
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