2266                               County Local Laws

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 Mary-
land, 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 cumu-
lative and the bonds authorized by this Act may be issued notwithstanding
that other laws may provide for the issuance of other bonds or the borrow-
ing 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 compe-
tent 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.

Chapter 5
(Bill No. 1-69)

An Act authorizing the issuance of bonds of Montgomery County,
Maryland, in the principal amount not exceeding $10,000,000, upon
its full faith and credit for financing the acquisition and development
of public park and public recreational facilities, and prescribing the
terms and conditions, by reference, upon which said bonds shall be
issued and delivered and other incidental details with respect thereto,
and providing for the application of the proceeds of such bonds and
for the levy of unlimited ad valorem taxes for the payment of the
principal and interest thereof.

Be It Enacted by the County Council for Montgomery County, Mary-
land, that—

Section 1. Montgomery County, Maryland, is hereby authorized, at
any time and from time to time, upon its full faith and credit to borrow
money and incur indebtedness in a total amount not exceeding $10,000,000,