SPIRO T. AGNEW, Governor                       509

County and, by said Board, shall be used exclusively and solely for
such public school or schools. In the event the amounts so borrowed
shall prove inadequate for the financing of any such public schools,
at any time, the County may issue additional bonds within the limita-
tions hereof for the purpose of evidencing the borrowing of addi-
tional funds for any such public school, provided the resolution for
authorizing the additional bonds shall so recite, but if the funds de-
rived from the sale of any issue of said bonds shall exceed the amount
needed to finance the public school or schools described in said resolu-
tion, the excess funds so borrowed and not expended by the Board of
Education shall be returned to the County by said Board and 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, unless said County shall adopt a
resolution allocating said excess funds to some other part of the
school construction program of said Board of Education.

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 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 public school 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 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