J. MILLARD TAWES, Governor                     1309

the funds derived from the sale of any issue of said bonds shall ex-
ceed 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. 6. 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
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 pur-
poses, 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 the construction of public facilities, as defined herein, 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 propor-
tionately.

Sec. 7. And be it further enacted, That the County is hereby fur-
ther 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 ob-
ligations 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 refund-
ing 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
bonds 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 re-
funding 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 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.