Ch. 518                                    1996 LAWS OF MARYLAND

applied to the payment of the next principal maturity of the bonds or to the redemption
of any part of the bonds which have been made redeemable or to the purchase and
cancellation of bonds, unless the County shall adopt a resolution allocating the excess
funds to the acquisition, construction, improvement, or development of other public
facilities, as defined and within the limits set forth in this Act.

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 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
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 acquisition, 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, by payment at maturity or
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 pay any of its
outstanding bonds issued hereunder at maturity, 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, for the purpose of providing it with funds to pay interest on any outstanding
bonds issued hereunder prior to their payment at maturity of purchase or redemption in
advance of maturity, or for the purpose of providing it with funds to pay any redemption
or purchase premium in connection with the refunding of any of its outstanding bonds
issued hereunder. 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

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