2092                              MUNICIPAL CHARTERS

County Code 1965, as now or hereafter amended, but if such taxes and other
funds are insufficient for such purpose, such bonds shall be payable from
unlimited ad valorem tax levied upon all assessable property within the
County, and the resolution or resolutions of the County Council author-
izing the issuance of such bonds or certificates of indebtedness shall so
provide. In each and every fiscal year that any such bonds are or will be
outstanding, the County and the County Council shall levy or cause to be
levied the special taxes authorized by said Chapter 44 in an amount or
amounts sufficient to provide for the payment when due of the interest
and principal of all such bonds becoming due in such fiscal year, and if
the amount of estimated receipts from such special taxes, together with
other revenues available for the payment of such interest and principal,
shall be insufficient to pay such interest and principal, 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 such payments. In the event that the proceeds from such
special taxes and ad valorem taxes upon all the assessable property within
the County levied in any fiscal year, together with other revenues avail-
able for the payment of the interest and principal of such bonds or cer-
tificates of indebtedness, shall prove inadequate for such purpose, addi-
tional taxes shall be levied in the succeeding fiscal year to make up any
such deficiency.

Section 7. All such bonds shall have, and are hereby declared to have,
as between successive holders, all the qualities and incidents of negoti-
able instruments under the negotiable instruments law of the State of
Maryland, as provided in Section 8 of Article 31 of the Annotated Code
of Maryland (1967 Replacement Volume) and in Subtitle 8 of Article
95B of the Annotated Code of Maryland (1964 Replacement Volume).

Section 8. Any and all such bonds and the interest thereon and the
income derived therefrom, in the hands of the holders thereof from time
to time, shall be and are hereby declared to be exempt from State, County
and municipal taxation of every kind and nature whatsoever in the State
of Maryland.

Section 9. The powers granted by this Act are additional and cumula-
tive and the bonds authorized by this Act may be issued notwithstanding
that other laws may provide for the issuance of other bonds or the bor-
rowing of money for the same or similar purposes on the same or other
terms and conditions.

Section 10. The provisions of this Act are severable, and if any of
its provisions shall be held unconstitutional or invalid by any court of
competent jurisdiction, the decision of such court shall not affect or im-
pair any of the remaining provisions. It is hereby declared to be the
legislative intent that this Act would have been adopted had such un-
constitutional or invalid provisions not been included herein.

Section 11. T