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Ch. 633
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2007 Laws of Maryland
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redeemable. The proceeds of the sale of any 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 delivery. The County may, by appropriate resolution, provide for the
replacement of any bonds issued under this Act which may have become mutilated or
lost or destroyed upon whatever conditions and after receiving whatever indemnity as
the County may require.
SECTION 8. 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. 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
additional, alternative, and supplemental authority for borrowing money and shall be
regarded as supplemental and additional to powers conferred upon the County by
other laws and may not be regarded as in derogation of any power now existing; and
all previously enacted laws authorizing the County to borrow money are hereby
continued to the extent that the power contained in them is continuing or has not been
exercised, unless any law is expressly repealed by this Act, and the validity of any
bonds issued under previously enacted laws is hereby ratified, confirmed, and
approved. This Act, being necessary for the welfare of the inhabitants of the County,
shall be liberally construed to effect its purposes. All Acts and parts of Acts
inconsistent with the provisions of this Act are hereby repealed to the extent of any
inconsistency.
SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2007.
Approved by the Governor, May 17, 2007.
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CHAPTER 634
(House Bill 971)
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AN ACT concerning
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- 4010 -
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