WM. PRESTON LANE, JR., GOVERNOR. 1539

to some other part of the school construction program of said
Board of Education.

SEC. 5. And be it further enacted, That the bonds hereby
authorized shall constitute, and they shall so recite, an irre-
vocable pledge of the full faith and credit and unlimited
taxing power of the County to the payment of the maturing
principal and interest of such bonds as and when the same
respectively mature. In each and every fiscal year that any
of said 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 the payment, when due, of the interest
and principal of all said bonds maturing in each such fiscal
year and in the event the proceeds from the taxes so 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. The County may
apply to the payment of principal and interest of any bonds
issued hereunder any funds received by it from the State of
Maryland, the United States of America, any agency or in-
strumentality thereof, or from any other source, if such
funds are granted for the purpose of assisting the County in
public school construction, 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. 6. And be it further enacted, That the County is here-
by 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 re-
demption, any bonds issued hereunder. The validity of any
such refunding bonds shall in no way be dependent upon or
related to the validity or invalidity of the obligations so re-
funded. The powers herein granted with respect to the
issuance of bonds, and also the limitations herein on such
powers, except the requirement of a referendum, shall be ap-
plicable to the issuance of refunding bonds. Said refunding
bonds may be issued by the County for the purpose of pro-
viding it with funds to purchase in the open market any of
its outstanding bonds issued hereunder, prior to the maturity
thereof, or for the purpose of providing it with funds for the
redemption prior to maturity of any outstanding bonds issued
hereunder which are, by their terms, redeemable. The resolu-
tion authorizing the issue of any such refunding bonds shall
describe the issue or issues of bonds of the County so to be re-
funded, and no issue of such refunding bonds shall exceed in
amount the par amount of such bonds so described in said
resolution. No such refunding bonds shall actually be de-