84 LAWS OF MARYLAND. [CH. 25

by the County, within its corporate limits, in rate and
amount sufficient to provide for the payment, when due, of
the interest and principal of all said bonds maturing in
each such fiscal year and in the event the proceeds from
the taxes so levied in any such fiscal year shall prove in-
adequate for the above purposes, additional taxes shall be
levied in the succeeding fiscal year to make up any such
deficiency. The County may apply to the payment of prin-
cipal and interest of any bonds issued for any of the above
defined public schools any funds paid or payable either to
the County or to the Board by the State of Maryland, the
United States of America, any agency or instrumentality
thereof, or by any other source, if such funds are granted
for the purpose of assisting the County or the Board in
obtaining any such public school, and to the extent of any
such funds received or receivable in any fiscal year, the
taxes hereby required to be levied may be reduced propor-
tionately.

SEC. 6. And be it further enacted, That the Board is
hereby further authorized and empowered, at any time and
from time to time, to issue its bonds in the manner here-
inabove described for the purpose of refunding, upon pur-
chase or redemption, any bonds issued for a public school
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 here-
in granted with respect to the issuance of bonds for any
public school, and also the limitations herein on such powers
and the duties hereby imposed, shall be applicable to the
issuance of refunding bonds. Said refunding bonds may be
issued by the Board for the purpose of providing the County
with funds to purchase in the open market any of its out-
standing bonds issued hereunder, prior to the maturity
thereof, or for the purpose of providing the County with
funds for the redemption prior to maturity of any out-
standing bonds issued hereunder which are, by their terms,
redeemable. The resolution authorizing the issue of any
such refunding bonds shall describe the issue or issues of
bonds so to be refunded and no issue of such refunding
bonds shall exceed in par amount the par amount of such
bonds so described in said resolution. No such refunding
bonds shall actually be delivered to the purchaser or pur-
chasers thereof more than six (6) months in advance of
the redemption date or dates of bonds to be redeemed and
refunded and the proceeds of the sale of any such refunding
bonds shall be segregated and set apart by the Board 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.