Montgomery County                           2779

Officer of the County, acting with the authority of the County
Executive, to the bidder or bidders submitting the most favorable
bid for Montgomery County, Maryland, upon a certification by
the Director of Finance, and said order shall fix the interest rate
or rates payable on any such bonds.

The money so borrowed or the indebtedness incurred, in evi-
dence of which the bonds shall be issued, shall be paid to the
Director of Finance of Montgomery County and shall be used
by the county exclusively and solely for the public facility or
facilities described in the order of the County Executive and
in the event the amounts so borrowed shall prove inadequate for
the financing of any such public facility, at any time, additional
obligations may be issued for the purpose of evidencing the
borrowing of additional funds for any such public facility, within
limitations provided by law, but if the funds derived from the
sale of any issue of any such bonds shall exceed the amount
needed to finance the public facility so described, the excess funds
so borrowed may be set apart by the County and applied in
payment of the first principal maturity of the obligations so is-
sued or to the redemption of any part of such bonds, if the same
shall have been made redeemable, but the excess funds shall in
no event be used for any other County function nor for any other
public facility except upon the passage of an order of the County
Executive to that effect.

Sec. 5. Section 2-115 of the Montgomery County Code 1965,
title "General Local Laws," chapter "Administration," article "Fi-
nance and Taxation Generally," division "Financing Public Facili-
ties Generally," be and the same is hereby repealed and re-enacted,
with amendments, to read as follows:

Bonds heretofore or hereafter authorized and issued pursuant
to this division 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 re-
spectively mature. In each and every fiscal year when any of such
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 interest and princi-
pal of all such 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, ad-
ditional taxes shall be levied in the succeeding fiscal year to make
up any such deficiency. Such pledge of the full faith and credit
and unlimited taxing power of the County shall constitute a cove-
nant of the County to levy and collect the taxes hereinabove pre-