Montgomery County                                2299

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 corpo-
rate 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 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
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.

Chapter 21
(Bill No. 22-69)

An Act authorizing the issuance of bonds of Montgomery County,
Maryland, in a principal amount not exceeding $2,350,000 upon its full
faith and credit, for parking lots for the Silver Spring Parking Lot
District, prescribing the terms and conditions 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 taxes for the payment of the principal and
interest thereof.