HARRY HUGHES, Governor                              1491

or assets of the Hospital may be subordinated to the
interests of the holders of any revenue bonds issued to
finance improvements to the Hospital, all as may be
determined in the absolute discretion of the County
Commissioners.

SECTION 5. AND BE IT FURTHER ENACTED, That the County
may enter into an agreement or agreements with the Hospital
pursuant to which the Hospital shall be required to make
periodic payments, from the Hospital's revenues or other
assets, to the County, at such times and in such amounts to
assure the timely payment of the maturing principal of and
interest on the bonds and any expenses of the County in
connection therewith. However, the bonds 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 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 such fiscal year and,
if the Hospital revenues or the proceeds from the taxes so
levied in any such fiscal year 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 or the Hospital in financing the hospital
improvements and, to the extent of any such funds received
or receivable in any fiscal year, taxes that might otherwise
be required to be levied under this Act may be reduced or
need not be levied.

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 at or prior to maturity of any outstanding bonds
issued hereunder which are, by their terms, redeemable,
including the payment of any redemption premium and interest
accrued or to accrue thereon. The net proceeds of the sale