J. MILLARD TAWES, Governor                     1987

Sec. 4. And be it further enacted, That the money so borrowed
for the roads AND CAPITAL IMPROVEMENTS described in said
resolution above required, in evidence of which any such bonds shall
be issued, shall be used exclusively and solely for such roads AND
CAPITAL IMPROVEMENTS. AT LEAST TWO MILLION FIVE
HUNDRED THOUSAND DOLLARS ($2,500,000) OF THE MONEY
BORROWED UNDER THE AUTHORITY OF THIS ACT SHALL
BE EXPENDED FOR THE PURPOSES AUTHORIZED BY THIS
ACT IN THE THIRD ELECTION DISTRICT OF ANNE ARUN-
DEL COUNTY. THE REMAINING FIVE HUNDRED THOUSAND
DOLLARS ($500,000) SHALL BE EXPENDED FOR SUCH AU-
THORIZED PURPOSES IN THE FIFTH ELECTION DISTRICT
OF ANNE ARUNDEL COUNTY. In the event the amounts so bor-
rowed shall prove inadequate for the financing of any such roads
AND CAPITAL IMPROVEMENTS 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 road OR
CAPITAL IMPROVEMENT, 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 roads AND CAPITAL IMPROVEMENTS described
in said resolution, the excess funds so borrowed and not expended
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, unless said
County shall adopt a resolution allocating said excess funds to some
other part of the road construction program.

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 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 road construc-
tion, 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 au-
thorized 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 hereunder.
The validity of any such refunding bonds shall in no way be de-
pendent upon or related to the validity or invalidity of the obliga-