J. MILLARD TAWES, GOVERNOR                           1461

in part the net cash proceeds of such bond issue, or issues, to a
commission, board, or agency created and appointed to administer
the provisions of this Act.

(c)  Levy Taxes—The County Council is hereby authorized and
directed in and for each and every fiscal year during which any of
the said bonds are outstanding, to levy and collect and AN ad valorem
tax, upon all the assessable property in Montgomery County, in an
amount sufficient to provide for the payment when due of the prin-
cipal and interest in all such bonds becoming due in such fiscal year,
and in the event the proceeds from the taxes so levied in any such
fiscal year shall prove inadequate for the purposes cited in this act,
additional taxes shall be levied in the succeeding fiscal year to make
up any such deficiency. The bonds hereby authorized 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 when the same
respectively mature. The County may apply to the payment of prin-
cipal and interest of any bonds issued under this Act, any funds re-
ceived from the State of Maryland, or United States of America
or any agency or instrumentality thereof.

(d)  Negotiable Instruments—All such bonds shall have, and are
hereby declared to have, as between successive holders, all the quali-
ties and incidents of negotiable instruments under the negotiable
instruments laws of the State to the extent provided in Sec. 8 of
Article 31, Annotated Code of Maryland, 1957 Edition, as amended.

(e)  Tax Exempt—Any and all such bonds and the interest 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, city, and municipal taxation of every kind and
nature whatsoever in the State.

(f)  Bonds Cumulative—All bonds issued under this act are addi-
tional and cumulative and the bonds authorized by this Act may be
issued notwithstanding that other bond acts may provide for the
issuance of other bonds or the borrowing of money for the same or
similar purposes on the same or other terms and conditions.

8. Revenue Bonds—Or, in the alternative, the County Council for
Montgomery County may issue revenue bonds which shall be fully
negotiable and payable, as to both principal and, interest, solely from,
and secured solely by, a pledge of and lien upon either or both, of
the following (a) or (b):

(a)  Income—Any and all of the income, receipts, proceeds, rev-
enues, and funds derived from, or available or to be made available
for, any undertakings for the accomplishment of the purposes and
object mentioned in or contemplated by this Act.

(b) Any contract, or right thereunder existing between the United
States of America, or any department or agency thereof, and the
County Council of Montgomery County with respect to any under-
taking for the accomplishment of the purposes and objects of this
Act.

And ANY and all of such bonds, notes or obligations, issued as rev-
enue bonds, shall not be general obligations of Montgomery County