Montgomery County                           2787

such Sections, excepting therefrom only subsections (a), (b), (c), and
(d) of Sec. 2-111, be and they are hereby incorporated in this Act,
by reference, as a part hereof, it being the intention of the County
Council that said sections shall be applicable in all respects to the
borrowing of money, the issuance of bonds, the application of the
proceeds of such bonds, and the levy of unlimited ad valorem taxes
for the payment of the principal and interest of the bonds authorized
by this Act.

Sec. 3. Any bonds issued and sold by the County pursuant to
the authority of this Act shall constitute and they shall so recite an
irrevocable pledge of the full faith and credit of the County. All of
such bonds, and the interest thereon, 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 unlimited ad valorem taxes levied upon all assessable
property within the County. Montgomery County, Maryland, hereby
covenants and agrees that in each and every fiscal year in which
any of said bonds are outstanding, it will levy or cause to be levied
the special taxes authorized by said Chapter 44 in an amount or
amounts sufficient to provide for the payment, when due, of the inter-
est and principal of such bonds becoming due in such fiscal year.
If the amount of estimated receipts from such special taxes, together
with other revenues for the payment of such principal and interest
shall be insufficient to pay such principal and interest, Montgomery
County, Maryland, hereby further covenants that it will levy or cause
to be levied ad valorem taxes upon all the legally assessable property
within the corporate limits of the County in rate and amount sufficient
to provide for such payment; and in the event that the proceeds from
such special taxes and ad valorem taxes upon all the assessable prop-
erty within the County levied in any fiscal year, together with other
revenues available for the payment of the principal and interest of
such bonds, shall prove inadequate for the above purposes, it will
levy additional taxes in the succeeding fiscal year to make up any
such deficiency, all in accordance with Section 2-115 of the Mont-
gomery County Code 1965, as amended.

Sec. 4. The powers granted by this Act are additional and cu-
mulative and the bonds authorized by this Act may be issued notwith-
standing that other bond acts or laws may provide for the issuance
of other bonds or the borrowing of money for the same or similar
purposes on the same or other terms and conditions.

SEC. 5. This Act shall take effect on the 76th day following its
enactment.

Effective: November 23, 1970