Ch. 451

LAWS OF MARYLAND

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 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 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 that
are required to be levied may be reduced accordingly.

SECTION 6. AND BE IT FURTHER ENACTED, That the County is
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
their terms, redeemable. The proceeds of the sale 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 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 such 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, provide for the replacement of any bonds
issued hereunder which shall have become mutilated or lost or
destroyed upon such conditions and after receiving such indemnity
as the County may require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act, their
transfer, the interest payable thereon, any and any income

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