Theodore R. McKeldin, Governor                  1541

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 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. 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 interim certificates or tempo-
rary bonds, with or without coupons, exchangeable for definitive
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. 8. 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. 9. 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 obliga-
tions 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 in-
consistency between the provisions of said sections and the pro-
visions 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 construction 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