688                               LAWS OF MARYLAND                       [CH. 487

registrable as to principal, or as to both principal and interest. Each
such notice of sale shall also contain a brief summary of the current
financial condition of the County or shall indicate where such a state-
ment may be obtained and, finally, shall reserve unto the County the
right to reject any or all bids received. In lieu of publishing said
entire notice of sale, the County may, if it shall so elect in said resolu-
tion, publish a brief summary of said notice which need not contain
all the information required for said notice of sale but which shall
state where interested parties may obtain a complete copy thereof.

Sec. 4. And be it further enacted, That, the money so borrowed
for the public facilities described in said resolution above required,
in evidence of which any such bonds shall be issued, shall be paid
by the County to the Treasurer of Calvert County and shall be used
exclusively and solely for such public facilities. In the event the
amounts so borrowed shall prove inadequate for the financing of
any such public facilities, at any time, the County may issue addi-
tional bonds within the limitations hereof for the purpose of evi-
dencing the borrowing of additional funds for any such public facili-
ties, 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 public
facilities 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 author-
ized 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 assess-
able 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, addi-
tional taxes shall be levied in the succeeding fiscal year to make up
any such deficiency. The County may apply to the payment of prin-
cipal 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 the
construction of public facilities, 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
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