THEODORE R. McKELDIN, GOVERNOR                   299

or cause to be levied ad valorem taxes upon all property assessable
by the County, within its corporate limits, in rate and amount suffi-
cient 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, the County shall
provide the difference from its general funds and 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 for any of the above defined public
schools any funds paid or payable either to the County or to 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. 5. And be it further enacted, That, in the issuance of any
of the bonds authorized hereby, the Board may, prior to the prepara-
tion of definitive bonds or obligations, issue interim certificates or
temporary bonds, with or without coupons, exchangeable for defini-
tive bonds when such bonds or obligations have been executed and
are available for delivery, 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 Board
may, by appropriate resolution, provide for the replacement of any
bonds issued hereunder which shall have become mutilated or be
destroyed or lost upon such conditions and after receiving such
indemnity as the Board may think it proper and necessary to stipulate
and require.

SEC. 6. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, the interest payable
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. 7. And be it further enacted, That none of the provisions of
Sections 165 to 185 of the Code of Public Local Laws of Anne Arundel
County (1947 Edition), as amended, shall limit or affect in any way
the powers hereby conferred, and the duties and obligations hereby
conferred and imposed upon the Board and the County are hereby
exempted from the provisions of said sections to the extent that
there may be, or may appear to be, any conflict or inconsistency
between the provisions of said sections and the provisions of this Act,
and none of the provisions of said sections shall be construed as a
limitation upon the powers hereby conferred; provided, however,
that any funds heretofore or hereafter budgeted for school construc-
tion pursuant to the requirements of Section 167 (a) (3) or pursuant
to Section 167 (c) of said Code of Public Local Laws may be applied
by the County on account of the payment of the principal of and
interest on any bonds issued hereunder; and provided further that,
except for the application of such funds, the County shall in each
fiscal year, pursuant to Section 167 (a) (1), budget an amount suffi-
cient to meet the debt service requirements of the bonds hereby
authorized, as above provided.