1236                              Laws of Maryland                        [Ch. 780

remaining funds received from the sale of bonds, known as Little
Falls Branch Park Development Bonds, Series CC, issued in the
aggregate face amount of $250,000 and dated July 1, 1956, said funds
to be expended either for the improvement and development of
Little Falls Branch Park, as originally intended at the time of the
issuance of the Bonds, or, in the discretion and at the election of
the Commission, for such other purposes for which it is authorized
by law to issue bonds, including among others the acquisition of
lands or other property.

46.    Bonds Issued On Full Faith and Credit of Commission and of
Counties.

All of said bonds and notes shall be issued on the full faith and
credit of the Commission and upon the full faith and credit of the
county guaranteeing them. The principal and interest maturing
thereon shall be payable from the proceeds of the collection of the
taxes authorized in this sub-title. In the event of the inadequacy
of said taxes for such purpose, there shall be levied by the county
guaranteeing said bonds, in each year that any such inadequacy
shall exist, a tax upon all the assessable property within the cor-
porate limits of such county sufficient to make up the inadequacy
or deficiency in the revenues available for principal and interest
maturities on the bonds or notes.

47.    Tax Exemption for Bonds.

Said bonds or notes hereby authorized, and the interest payable
thereon, in the hands of the persons entitled thereto from time to
time, shall be and remain forever exempt from all state, county,
and municipal taxation of every kind and nature whatsoever in the
State of Maryland.

48.    Redemption, Repurchase or Refunding of Bonds.

(a)  Authorized.—In the event any of the bonds or notes auth-
orized to be issued hereinabove in this sub-title shall be issued and
delivered to the National Capital Planning Commission in part
payment for any park lands acquired under Sub-sections (a) and
(b) of section 1 of said Public Act 284, as amended, and pursuant
to any contracts under which the National Capital Planning Com-
mission may offer the bonds or notes for sale to the public at a fixed
time after such issue and delivery, then and in that event the Com-
mission is authorized and empowered, if permitted by the contracts,
to redeem or re-purchase the bonds or notes at not exceeding the
par value thereof plus accrued interest and to provide funds for
the redemption or re-purchase by the issue and sale from time to
time of refunding bonds in the manner and upon the terms and
conditions hereinafter set forth.

(b)   Form of refunding bonds.—The refunding bonds may be
issued in units or series corresponding in par amounts to the bonds
or notes to be repurchased or refunded and bearing the same num-
bers and series letters as the bonds or notes to be refunded, or an
issue of refunding bonds may be made in an amount sufficient to
provide for the refunding or re-purchase of several series of bonds