1692                             Laws of Maryland                       [Ch. 904

clusively and solely for such library building. In the event the
amounts so borrowed shall prove inadequate for the financing of
such library building, at any time, the County may issue additional
bonds within the limitations hereof for the purpose of evidencing the
borrowing of additional funds for any such library building, provided
the resolution for authorizing the additional bonds shall so recite, but
if the funds derived from the sale of any issue of said bonds shall
exceed the amount needed to finance the library building described
in said resolution, the excess funds so borrowed shall be applied by
said County in payment of the next principal maturity of the bonds
so issued or to the redemption of any part of said bonds, if the same
shall have been made redeemable.

Sec. 5. And be it further enacted, That 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
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 property
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, any agency or instrumentality thereof, or from any
other source, if such funds are granted for the purpose of assisting
the County in public library construction, 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. 6. And be it further enacted, That the County is hereby
authorized and empowered, at any time and from time to time to
issue its bonds in the manner hereinabove described for the purpose
of refunding, upon purchase or redemption, any bonds issued here-
under. The validity of any such refunding bonds shall in no way be
dependent upon or related to the validity or invalidity of the obliga-
tions so refunded. The powers herein granted with respect to the
issuance of bonds, and also the limitations herein on such powers
shall be applicable to the issuance of refunding bonds. Said refunding
bonds may be issued by the County for the purpose of providing it
with funds to purchase in the open market any of its outstanding
bond issued hereunder, prior to the maturity thereof, or for the
purpose of providing it with funds for the redemption prior to
maturity of any outstanding bonds issued hereunder which are, by
their terms, redeemable. The resolution authorizing the issue of
any such refunding bonds shall describe the issue or issues of bonds
of the County so to be refunded, and no issue of such refunding
bonds shall exceed in amount the par amount of such bonds so
described in said resolution. No such refunding bonds shall actually
be delivered to the purchaser or purchasers thereof more than six
(6) months in advance of redemption date or dates of bonds to be
redeemed and refunded and the proceeds of the sale of any such