WILLIAM DONALD SCHAEFER, Governor Ch. 472

obligation bonds of the County for such purpose, or (ii) revenue
bonds issued pursuant to any authority authorizing the issuance
of revenue bonds to finance the hospital improvements or
(iii) any combination of (i) and (ii); in connection with such
agreement (without in any way creating any limitation on the
discretion of the County) the County may further agree, in its
discretion, that any interest (actual or implied) of the County
in the hospital or in any receipts or assets of the hospital may
be subordinated to the interests of the holders of any revenue
bonds issued to finance the hospital improvements, all as may be
determined in the absolute discretion of the County.

SECTION 5. AND BE IT FURTHER ENACTED, That the County may
enter into an agreement or agreements with Frederick Memorial
Hospital, Inc., pursuant to which that corporation shall be
required to make periodic payments from the hospital's revenues
or other assets to the County at such times and in such amounts
to assure the timely payment of the maturing principal of and
interest on said bonds and any expenses of the County in
connection therewith. However, the bonds 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 such fiscal year
and, if the proceeds from the taxes so levied in any fiscal year
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 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 Frederick Memorial
Hospital, Inc., or from any other source. If such funds are
available for the purpose of assisting the County or the hospital
in financing the construction of additions and improvements to
Frederick Memorial Hospital, 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 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

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