2606                               Municipal Charters

primarily from the taxes and other funds collected from the Silver Spring
Parking Lot District pursuant to Title II, Chapter 44, of the Montgomery
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 taxes levied upon all assessable property with-
in the County, and the resolution or resolutions of the County Council
authorizing 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 prin-
cipal, 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 available for the payment of the interest
and principal of such bonds or certificates of indebtedness, shall prove
inadequate for such purpose, additional taxes shall be levied in the succeed-
ing 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
negotiable 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 Vol-
ume).

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
cumulative and the bonds authorized by this Act may be issued not-
withstanding that other laws may provide for the issuance of other bonds
or the borrowing 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 impair any of the remaining provisions. It is hereby declared to
be the legislative intent that this Act would have been adopted had such
unconstitutional or invalid provisions not been included herein.

Section 11. This Act shall take effect on the 76th day following
its enactment.

Certified correct as passed.

President
Secretary