2780                            County Local Laws

scribed. The County may apply to the payment of principal and
interest of any bonds issued for any of the above described public
facilities, any funds received by it from the State, 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 obtaining any such public facility,
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
proportionately.

In addition to the pledge of the full faith and credit and un-
limited taxing power of the County to the payment of any bonds
issued pursuant to this division, the County may secure such
payment by the additional pledge of any assessments, taxes, fees
or charges which the County is authorized and empowered to
levy, impose and collect, and to the extent any such revenues
received or receivable in any fiscal year are available for debt
service the ad valorem taxes hereinabove required to be levied
may be reduced proportionately in such fiscal year.

SEC. 6. Section 2-116 of the Montgomery County Code 1965,
title "General Local Laws," chapter "Administration," article "Fi-
nance and Taxation Generally," division "Financing Public Fa-
cilities Generally," be and the same is hereby repealed and re-enacted,
with amendments, to read as follows:

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 to the extent provided in Section 8 of Article 31 of the
Annotated Code of Maryland, (1967 Replacement Volume), as
amended from time to time and in Subtitle 8 of Article 95B of
the Annotated Code of Maryland (1964 Replacement Volume)
as amended from time to time.

SEC. 7. Section 2-118 of the Montgomery County Code 1965,
title "General Local Laws," chapter "Administration," article "Fi-
nance and Taxation Generally," division "Financing Public Facilities
Generally," be and the same is hereby repealed.

Sec. 8. Effective Date. This Act shall take effect on the 76th day
following its enactment.

Effective: October 5, 1970