550                              Laws of Maryland                      [Ch. 422

Sec. 5. And be it further enacted, That the bonds hereby author-
ized shall constitute, and they shall so recite, an irrevocable 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 prop-
erty 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
instrumentality 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 receiv-
able in any fiscal year the taxes hereby required to be levied may be
reduced proportionately.

Sec. 6. And be it further enacted, That, in the issuance of any
of the bonds authorized hereby, the County may, prior to the prepa-
ration 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 County
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 County may think it proper and necessary to stipu-
late and require.

Sec. 7. 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 is hereby declared to be
exempt from State, county and municipal taxation of every kind and
nature whatsoever in the State of Maryland.

Sec. 8. And be it further enacted, That this Act shall take effect
on the first day of June, 1959.

Approved April 8, 1959.

CHAPTER 422
(Senate Bill 543)

AN ACT to repeal and re-enact, with amendments, Sections 19 (n),
and 20 (n) of Article 2B of the Annotated Code of Maryland (1957

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.

CAPITALS indicate amendments to bill.

Strike out indicates matter stricken out of bill.