1552                            LAWS OF MARYLAND                       CH. 749

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 pay-
ment 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
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 obli-
gations 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 pro-
viding it with funds to purchase in the open market any of its out-
standing 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.

Sec. 7. And be it further enacted, That, in the issuance of any
of the bonds authorized hereby, the County may, prior to the prepa-
ration of definitive bonds or obligations, issue interim certificates or
temporary bonds, with or without coupons, exchangeable for defini-
tive bonds when such bonds or obligations have been executed and
are available for delivery, provided, however, that any such interim
certificates or temporary bonds shall be issued in all respects sub-
ject to the restrictions and requirements set forth herein. The County
may, by appropriate resolution, provide for the replacement of any
bonds issued hereunder which shall have become mutilated or be
destroyed or lost upon such conditions and after receiving such in-