3936

VETOES

adopt a resolution allocating the excess funds to the
construction, improvement or development of other public
facilities, as defined and within the limits set forth in this
Act.

The authority granted under this Act shall not be exercised,
nor shall any of the proceeds of the sale of bonds be used or
applied, in any manner which would cause any bonds, refunding
bonds or temporary bonds issued 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 6. 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, in the event 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 any 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 7. 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