38

LAWS OF MARYLAND

Ch. 24

interest on 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 the
construction of the public facilities as defined herein,
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 7. 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
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 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
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 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 3. 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, exchangeable for
definitive bonds when such bonds or obligations have been
executed and are available for delivery, provided,
however, that any such interim certificates or temporary