840                                     LAWS OF MARYLAND                               Ch. 99

"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 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 each such fiscal year
and, if the proceeds from the taxes so levied in any such
fiscal year prove inadequate for the 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 federal or State
government or any of their agencies, or from any other
source, if the funds are granted for the purpose of
assisting the County in financing the development of the
solid waste facilities defined in this Act 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
described in this Act for the purpose of refunding, upon
purchase or redemption, any bonds issued under this Act.
The validity of any refunding bonds shall in no way be
dependent upon or related to the validity or invalidity of
the obligations being refunded. The authority granted with
respect to the issuance of bonds shall be applicable to the
issuance of refunding bonds. Refunding bonds may be issued
by the County for the purpose of providing it with funds to
purchase in the open market any of of its outstanding bonds
issued under this Act, prior to their maturity, or for the
purpose of providing it with funds for the redemption prior
to maturity of any outstanding bonds issued under this Act
which are, by their terms, redeemable. The proceeds of the
sale of any 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