WM. PRESTON LANE, JR., GOVERNOR 457

SEC. 3. And be it further enacted, That before issuing
any of such bonds the Mayor and Aldermen of the City of
Annapolis shall, by ordinance, determine the purposes for
which funds are required, and the bonds issued for the re-
spective purposes above authorized shall not exceed the limi-
tations heretofore set forth for said purposes, and the money
so borrowed, or the indebtedness incurred, in evidence of
which said bonds shall be issued, shall be used by the Munici-
pality exclusively and solely for the project or purposes
described in said ordinance. If the funds derived from the
sale of any issue of such bonds shall exceed the amount
needed to finance the projects or purposes described in the
ordinance, the excess funds shall be set apart by the Munici-
pality and applied in payment of the first principal maturity
of the bonds so issued.

SEC. 4. And be it further enacted, That all of the bonds
issued under the provisions of this Act shall be issued upon
the full faith and credit of the City of Annapolis, and shall
be payable from unlimited ad valorem taxes levied upon all
assessable property within the corporate limits of the City
of Annapolis. In each and every fiscal year that any bonds
issued pursuant to the authority of this Act are outstanding
the Muncipality shall levy, or cause to be levied, ad valorem
taxes upon all the assessable property within the corporate
limits of the City of Annapolis in rate and amount sufficient
to provide for the payment, when due, of the interest and
principal of all such bonds maturing in each such fiscal year.
In the event the proceeds from the taxes levied in any such
fiscal year shall prove inadequate for the above purposes,
additional taxes shall be levied in the succeeding fiscal year
to make up any such deficiency.

SEC. 5. And be it further enacted, That all bonds issued
pursuant to the authority of this Act, and the interest thereon,
and the income derived therefrom, in the hands of the holders
thereof from time to time, shall be and are hereby declared
to be exempt from State, County and Municipal taxation of
every kind and nature whatsoever in the State of Maryland.

SEC. 6. And be it further enacted, That the provisions of
this Act are severable, and if any of its provisions shall be
held unconstitutional by any court of competent jurisdiction,
the decision of such court shall not affect or impair any of
the remaining provisions. It is hereby declared to be the
legislative intent that this Act would have been adopted had
such unconstitutional provisions not been included therein.