806                              Laws of Maryland                       Ch. 400

empowered to construct, maintain or operate such flood prevention
and watershed projects in Carroll County; such funds to be disbursed
upon such terms and conditions as shall be prescribed by the Board
of County Commissioners of Carroll County, to be used by any such
board, agency, department or other public body solely and exclu-
sively for such flood prevention and watershed projects.

Sec. 5. And be it further enacted, That, the bonds hereby author-
ized 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 assessable property
within the corporate limits of the County in rate and amount suffi-
cient 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 flood
prevention and watershed projects, 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 refund-
ing 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 matu-
rity of any outstanding bonds issued hereunder which are, by their
terms, redeemable. The resolution 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 redemption 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.

Sec. 7. And be it further enacted, That, in the issuance of any of
the bonds authorized hereby, the County may, prior to the prepara-