760 LAWS OF MARYLAND. [CH. 434

ment, extension, alteration, repair and modernization of pub-
lic school buildings in the County, including the sites there-
for, the cost of acquiring any such sites, architectural and
engineering services, including preparation of plans, drawings
and specifications for such schools and the development of the
grounds, and all customary permanent appurtenances and
recreational and pedagogical equipment for such schools.

SEC. 4. And be it further enacted, That the notes hereby
authorized shall constitute, and they shall so recite, an irre-
vocable pledge of the full faith and credit and unlimited tax-
ing power of the County Commissioners of Anne Arundel
County to the payment of the maturing principal and in-
terest of such notes as and when the same respectively ma-
ture. In each and every fiscal year that any of said notes
are outstanding, the County Commissioners of Anne Arundel
County shall levy or cause to be levied ad valorem taxes upon
all the assessable property within the corporate limits of
said County in rate and amount sufficient to provide for the
payment, when due, of the interest and so much of the ma-
turing principal of said notes as shall not be renewable by
the terms thereof pursuant to the authority hereof, and in the
event the proceeds from the taxes so levied in any such fiscal
year shall prove inadequate for the above purposes, addi-
tional taxes shall be levied in the succeeding fiscal year to
make up any such deficiency. The County Commissioners
of Anne Arundel County may apply to the payment of prin-
cipal and interest of any bonds issued for one of the above
defined public schools any funds paid or payable either to
the County Commissioners of Anne Arundel County or to
the Board of Education of Anne Arundel County 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
Commissioners of Anne Arundel County or the Board of
Education of Anne Arundel County 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 proportionately.

SEC. 5. And be it further enacted, That any and all notes
issued pursuant to the authority of this Act, the interest
payable thereon, and the income derived therefrom in the
hands of the holders thereof from time to time, shall be and
is hereby declared to be exempt from State, county and muni-
cipal taxation of every kind and nature whatsoever in the
State of Maryland.

SEC. 6. And be it further enacted, That none of the provi-
sions of Sections 174A to 174U of Article 2 of the Code of