J. MILLARD TAWES, Governor                     1475

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, 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 receivable in any fiscal year the taxes hereby re-
quired to be levied may be reduced proportionately.

Sec. 6. And be it further enacted, That the County is hereby
further 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 hereunder. The validity of any such refunding bonds shall
in no way be dependent upon or related to the validity or invalidity
of the obligations 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 pur-
pose of providing it with funds to purchase in the open market
any of its outstanding bonds issued hereunder, prior to the ma-
turity 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 redemp-
tion date or dates of bonds to be redeemed and refunded and the
proceeds of the sale of any such refunding bonds shall be segregated
and set apart by the County as a separate trust fund to be used
solely for the purpose of paying the purchase or redemption prices
of the bonds to be refunded.

Sec. 7. And be it further enacted, That in the issuance of any
of the bonds authorized hereby, the County may, prior to the prep-
aration 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 sub-