Marvin Mandel, Governor                         885

County Commissioners of Frederick County and the Board of Educa-
tion of Frederick County.

Sec. 6. And be it further enacted, That the bonds hereby au-
thorized 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 respectively mature. In each
and every fiscal year that any of said 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 principal of all said 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 pur-
poses, 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 principal and interest of any bonds issued hereunder 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 building 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 proportionately.

Sec. 7. And be it further enacted, That the County is hereby au-
thorized and empowered, at any time and from time to time to
issue its bonds in the manner hereinabove described for the pur-
pose 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 respect
to the issuance of bonds, and also the limitations herein on such
powers shall be applicable to the issuance of refunding bonds. Said
refunding 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. The resolution authorizing the
issue of any such refunding bonds shall describe the issue or issues
of bonds of the County so to be refunded, and no issue of such re-
funding bonds shall exceed in amount the par amount of such bonds
so described in said resolution. 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 refunded.

Sec. 8. And be it further enacted, That, in the issuance of any of
the bonds authorized hereby, the County may, prior to the preparation
of definitive bonds or obligations, issue interim certificates or tempor-
ary bonds, with or without coupons, exchangeable for definitive bonds
when such bonds or obligations have been executed and are available
for delivery, provided, however, that any such interim certificates or