Marvin Mandel, Governor                       1843

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 of and interest
on such bonds as and when the same respectively mature. In each
and every fiscal year that any of the 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 sufficient to provide for the payment, when due,
of the principal of and interest on all the 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 such pay-
ment, additional taxes shall be levied in the succeeding fiscal year
to make up any such deficiency. The County may apply to the pay-
ment of the principal of and interest on any bonds issued here-
under 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 public school construction, 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 proportion-
ately.

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 re-
spect to the issuance of bonds, and the limitations on such powers,
shall be applicable to the issuance of refunding bonds. Such re-
funding 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 maturity of any outstanding bonds issued hereunder
which are, by their terms, redeemable. 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 re-
funded.                                                                                 

Sec. 7. And be it further enacted, That the County may, prior
to the preparation of definitive bonds, issue interim certificates
or temporary bonds, with or without coupons, exchangeable for
definitive bonds when such bonds have been executed and are avail-
able for delivery, provided, however, that any such interim certi-
ficates or temporary bonds shall be issued in all respects subject to
the restrictions and requirements set forth herein. The County may,
by appropriate resolution, provide for the replacement of any bonds
issued hereunder which shall have become mutilated or be lost or
destroyed upon such conditions and after receiving such indemnity
as the County may require.