J. MILLARD TAWES, Governor                      667

the borrowing of additional funds for any such system or sewers,
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 will exceed the amount needed to finance the system or sewers
described in said resolution, the excess funds so borrowed and not
expended by the Town Commissioners shall be returned to the general
funds of the Town and applied by the said Town 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 redeem-
able, unless the said Town shall adopt a resolution allocating such
excess funds to some other part of the water system or sewer con-
struction program of the said Town.

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 Town 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 Town shall levy or
cause to be levied ad valorem taxes upon all the assessable property
within the corporate limits of the Town in rate and amounts 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 Town may apply to the payment of principal and interest of any
bonds issued hereunder any funds received by it from the State of
Maryland or the United States of America, any agency or instru-
mentality thereof, or from any other source. If such funds are
granted for the purpose of assisting the Town in sewer 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 Town is hereby further
authorized and empowered at any time and from time to time to issue
its bonds in a manner hereinbefore 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 depend-
ent upon or related to the validity or invalidity of the obligation 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 Town for the purpose of providing it with funds
to purchase in the open market any of its outstanding bonds issued
hereunder prior to the maturity thereof, or for the purpose of pro-
viding it with funds for the redemption prior to maturity of any
outstanding bonds issued hereunder which are by their terms re-
deemable. The resolution authorizing the issue of any such refunding
bonds shall describe the issue or issues of bonds of the Town so to
be refunded and no issue of such refunding bonds shall exceed an
amount the par amount of such bond so described in said resolution.
No such refunding bond shall actually be delivered to the purchaser
or purchasers thereof more than six months in advance of the re-