Marvin Mandel, Governor                        1947

described in said resolution, the excess funds so borrowed and not
expended by the County Commissioners and the Board of Educa-
tion shall be returned to the County by them 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 authorized jointly by the County
Commissioners and the Board of Education.

Sec. 5. And be it further enacted, That the bonds hereby au-
thorized shall constitute, and they shall so recite, the 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 as-
sisting 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 redemption prior to maturity of any outstanding bonds
issued hereunder which are, by their terms, redeemable. The resolu-
tion 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 resolution. No such
refunding bonds shall actually be delivered to the purchaser or
purchasers thereof more than six (6) months in advance of redemp-
tion 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.