Montgomery County                                2301

mined by the resolution or resolutions of the County Council authorizing
such bonds, and no one of such installments shall be less than fifty per
centum (50%) of any other installment.

Section 5. Such bonds shall not be subject to the provisions of Sections
9, 10, and 11 of Article 31 of the Annotated Code of Maryland (1967
Replacement Volume), and the County Council may issue, deliver and sell
said bonds at public sale in such manner and for such price or prices as it
may by resolution determine, provided that no sale shall be for a price or
prices less than the face value of said bonds and accrued interest thereon.

Section 6. All such bonds shall be issued upon the full faith and credit
of the County which is hereby pledged to the punctual payment of the
principal thereof and interest thereon, and they shall be payable 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 unlim-
ited ad valorem taxes levied upon all assessable property within 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 suffi-
cient 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 esti-
mated receipts from such special taxes, together with other revenues avail-
able 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 pay-
ments. 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 Anno-
tated 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 cumula-
tive 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.