2644                               Municipal Charters

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 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 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 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
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 cumu-
lative and the bonds authorized by this Act may be issued notwith-
standing 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 sever able, 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