2410

LAWS OF MARYLAND

Ch. 433

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 assume 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 prove inadequate for such payment, additional
taxes shall be levied in the succeeding fiscal year to make up
any 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 of either, or from any
other source. If such funds are available for the purpose of
assisting the County in financing the public facilities defined
in this Act, taxes that might otherwise be required to be levied
under this Act may be reduced or need not be levied to the extent
that any such funds are received or receivable in any fiscal
year.

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 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 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 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 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 coupons,
exchangeable for definitive bonds when such bonds 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 appropriate resolution of
the Board, provide for the replacement of any bonds issued
hereunder which may have been mutilated or lost or destroyed upon
whatever conditions and after receiving whatever indemnity as the
County may require.