504                              LAWS OF MARYLAND                     [CH. 207

hereof for the purpose of evidencing the borrowing of additional funds
for any such public facilities, 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 redeem-
able.

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 in-
adequate 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 Mary-
land, 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 re-
ceivable in any fiscal year the taxes hereby required to be levied may
be reduced proportionately.

Sec. 7. 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 obliga-
tions 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 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 matur-
ity 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 redemption date or dates of bonds to be redeemed and re-
funded 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 re-
demption prices of the bonds to be refunded.