WILLIAM DONALD SCHAEFER, Governor Ch. 147

or to the redemption of any part of the bonds which have been made redeemable or to
the purchase and cancellation of bonds, unless the County adopts a resolution
allocating the excess funds to the construction, improvement or development of other
public facilities.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, an irrevocable pledge of the full
faith and credit and unlimited taxing power of the County to the payment of the
maturing principal of and interest on the bonds as and when they become payable. In
each and every fiscal year that any of the bonds are outstanding, the County shall levy
or cause to be levied ad valorem taxes upon all the assessable property within the
corporate limits of the County in rate and amount sufficient to provide for or assume
the payment, when due, of the principal of and interest on all the bonds maturing in
each fiscal year and, if the proceeds from the taxes levied in any fiscal year prove
inadequate for such payment, additional taxes shall be levied in the succeeding fiscal
year to make up any deficiency. The County may apply to the payment of the principal
of and interest on any bonds issued hereunder any funds received by it from the State
of Maryland, the United States of America, any agency or instrumentality of either, or
from any other source. If the funds are granted for the purpose of assisting the County
in financing the planning and construction of the public facilities defined in this Act
and, to the extent of any funds received or receivable in any fiscal year, taxes that might
otherwise be required to be levied under this Act may be reduced or need not be levied.

SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
further authorized and empowered, at any time and from time to time, to issue its bonds
in the manner described in this Act for the purpose of refunding, upon purchase or
redemption, any bonds issued under this Act. The validity of any refunding bonds shall
in no way be dependent upon or related to the validity or invalidity of the obligations
being refunded. The powers herein granted with respect to the issuance of bonds shall
be applicable to the issuance of refunding bonds. Such refunding bonds may be issued
by the County for the purpose of providing it with funds to purchase in the open market
any of its outstanding bonds issued under this Act, prior to their maturity, or for the
purpose of providing it with funds for the redemption prior to maturity of any
outstanding bonds which are, by their terms, 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 the 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

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