BLAIR LEE III, Acting Governor                         1483

hereunder to be deemed "industrial development bonds" or
"arbitrage bonds" within the meaning of Section 103 of the
Internal Revenue Code of 1954 or the regulations prescribed
thereunder.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds
hereby authorized shall constitute, and they shall so
recite, an irrevocable pledge of the fall faith and credit
and unlimited taxing power of the County to the payment of
the Maturing principal of and interest on the bonds as and
when they become payable. 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 or
assure the payment, when due, of the principal of and
interest on all the bonds maturing in each such fiscal year
and, if the proceeds from the taxes so levied in any such
fiscal year shall prove inadequate for such payment,
additional taxes shall be levied in the succeeding fiscal
year to make up any such deficiency. The County may apply
to the payment of the principal of and interest on 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
financing the construction, improvement or development of
the public facilities defined in this Act 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
accordingly.

SECTION 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
respect to the issuance of bonds shall be applicable to the
issuance of refunding bonds. Such 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
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.

SECTION 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 available for delivery, provided,