1590                           LAWS OF MARYLAND                     [CH. 718

Sec. 4. And be it further enacted, That the proceeds from the
sale of said bonds shall be paid to the County Treasurer and shall
be set apart by him in an account or accounts, to the credit of "Public

School Bonds of Frederick County of ................................................,"

and shall be disbursed by him only for the purposes herein au-
thorized, and upon the joint order of the County Commissioners of
Frederick County and the Board of Education of Frederick County,
provided that any accrued interest and/or premium received from
the sale of said bonds may be applied to the payment of the first
maturing interest of said bonds.

All contracts for the purchase of sites for schools, for employment
of architects, builders, inspectors and supervisors, for building or
equipping said schools and all other contracts and agreements re-
quiring payment of money from said account or accounts shall be in
writing and shall be executed jointly by the County Commissioners
of Frederick County and the Board of Education of Frederick
County.

Sec. 5. And be it further enacted, That the bonds hereby
authorized 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 assess-
able 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
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 obliga-
tions so refunded. The powers herein granted with respect to the
issuance of bonds, and also the limitation