926

LAWS OF MARYLAND

Ch. 256

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 and interest of such bonds and when the same

respectively mature due. In each and every fiscal year that any
of said bonds are outstanding, the county shall may 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 interest
and principal of all said 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 public building construction or in the purchase of
emergency related equipment, 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 the county is
hereby 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, and also the
limitations herein on such powers, shall be applicable to the
issuance of refunding bonds. Said refunding bonds may be issued
by the county 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 resolution
authorizing the issue of any such refunding bonds shall describe
the issue or issues of bonds of the county so to be refunded, and
no issue of such refunding bonds shall exceed in amount the par
amount of such bonds so described in said resolution. No such
refunding bonds shall actually be delivered to the purchaser or
purchasers thereof more than six (6) months in advance of
redemption date or dates of bonds to be redeemed and refunded,
and the proceeds 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 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,