HERBERT R. O'CONOR, GOVERNOR. 1629

County and municipal taxation of every kind and nature what-
soever in the State of Maryland.

(b) (Funding and Refunding Bonds. ) In addition to the
authority hereinbefore conferred, the County is hereby author-
ized and empowered, at any time or from time to time, prior
to December 1, 1946, to issue its bonds in such amounts in
addition to the Five Million Dollars ($5, 000, 000. 00) limitation
hereinbefore set forth as may be necessary for the purpose of
funding its floating indebtedness or for the purpose of refund-
ing any bonds, notes, certificates of indebtedness or other
obligations heretofore issued by the County and falling due
or maturing between July 1, 1945 and July 1, 1947. Except
as in this paragraph (b) otherwise provided, such bonds shall
be issued in the manner, subject to, and with the benefit of all
of the provisions, set forth in paragraph (a) of this Section 2.
Any such funding or refunding bonds issued pursuant to
the authority hereof shall be valid and binding obligations
of the County, in accordance with the terms thereof, not-
withstanding the fact that the obligations so funded or
refunded by the issuance of such bonds shall be invalid
or of doubtful validity, and the validity of any such fund-
ing or refunding bonds shall in no way be dependent upon
or related to the validity or invalidity of the obligations so
funded or refunded. The resolution authorizing the issue of
any such funding or refunding bonds shall describe the several
issues of obligations of the County so to be funded or re-
funded and no issue of such funding or refunding bonds shall
exceed in par amount the par amount of such obligations so
described in said resolution. The proceeds of the sale of any
such funding or 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 principal of the obligations to be
funded or refunded at the respective maturity or redemption
dates thereof. Said 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 obligations, prior to
the maturity thereof, provided, however, that none of the pro-
ceeds of any such refunding bonds shall be used for the pur-
chase of any such obligations at a price in excess of the par
value of the obligations so purchased.

SEC. 3. And be it further enacted, That in the issuance of
any of the bonds authorized by Section 2 of this Act, the
County may, prior to the preparation of definitive bonds, issue
interim receipts for temporary bonds, with or without coupons,
exchangebale for definitive bonds when such bonds have been
executed and are available for delivery; provided, however,
that any such interim receipts or temporary bonds shall be