602                             LAWS OF MARYLAND                      [CH. 260

rowed shall prove inadequate for the financing of any such public
schools, at any time, the County may issue additional bonds within
the limitations hereof for the purpose of evidencing the borrowing
of additional funds for any such public school, provided the resolu-
tion 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 school or schools described
in said resolution, 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 au-
thorized 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 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 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 re-
demption prior to maturity of any outstanding bonds issued here-
under which are, by their terms, redeemable. The resolution au-
thorizing 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