Ch. 196 LAWS OF MARYLAND

which the bonds are sold. If the net proceeds of the sale of any issue of bonds exceeds
the amount needed to finance the library facilities described in the resolution, the
excess funds shall be applied to the payment of the next principal maturity of the bonds
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 such fiscal year and, if the proceeds from the taxes so 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 under this Act 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 such funds are granted for the
purpose of assisting the County in financing the construction, improvement,
development, or renovation of the public facilities defined in this Act and, to the extent
of any such 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 hereinabove described 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 granted under this Act 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 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

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