BLAIR LEE III, Acting Governor                        2743

recite, an irrevocable pledge ox 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 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 the
payment, when due, of the principal of and interest on all
the 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,
additional taxes shall be levied in the succeeding fiscal
year to make up any such deficiency. The County may apply
to the payment 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
financing the public facilities, 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.

SECTION 6. 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 temporary 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 temporary bonds shall be issued in
all respects subject to the restrictions and requirements
set forth in this Act. The County may, by resolution,
provide for the replacement of any bonds issued hereunder
which may be mutilated, destroyed or lost upon such
conditions and after receiving such indemnity as the County
may think it proper and necessary to stipulate and require.

SECTION 7. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act,
their transfer, the interest payable thereon, and the income
derived therefrom in the hands of the holders thereof from
time to time (including any profit made in the sale thereof)
shall be and are hereby declared to be at all times exempt
from State, county and municipal taxation of every kind and
nature whatsoever in the State of Maryland.

SECTION 8. AND BE IT FURTHER ENACTED, That the
authority to borrow money and issue bonds conferred on the
County by this Act shall be deemed to provide an additional
and alternative authority for borrowing money and shall be
regarded as supplemental and additional to powers conferred
upon the County by ether laws and shall not be regarded as
in derogation of any power now existing; and all Acts of the