942 LAWS OF MARYLAND. [CH. 391

the Board by the State of Maryland, the United States of
America, any agency or instrumentality thereof, or by any
other source, if such funds are granted for the purpose of
assisting the County or the Board in obtaining any such
public school, 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 Board 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
redemption, any bonds issued for a public school 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 refunded. The powers herein granted
with respect to the issuance of bonds for any public school,
and also the limitations herein on such powers and the
duties hereby imposed, shall be applicable to the issuance
of refunding bonds. Said refunding bonds may be issued by
the Board for the purpose of providing the County 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 the County with funds for the re-
demption 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 so to be refunded and
no issue of such refunding bonds shall exceed in par amount
the par amount of such bonds so described in said resolu-
tion. No such refunding bonds shall actually be delivered
to the purchaser or purchasers thereof more than six (6)
months in advance of the redemption date or dates of bonds
to be redeemed and refunded and the proceeds of the sale
of any such refunding bonds shall be segregated and set
apart by the Board 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.

SEC. 7. And be it further enacted, That, in the issuance of
any of the bonds authorized hereby, the Board may, prior to
the preparation of definitive bonds or obligations, issue in-
terim certificates or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds
or obligations have been executed and are available for de-
livery, provided, however, that any such interim certificates
or temporary bonds shall be issued in all respects subject to
the restrictions and requirements set forth herein. The