WILLIAM DONALD SCHAEFER, Governor Ch. 499

SUFFICIENT FOR ALL PURPOSES THE SAME AS IF THE OFFICER HAD
REMAINED IN OFFICE UNTIL DELIVERY.

(3) ALL BONDS SHALL MATURE NOT LATER THAN 40 30 YEARS
FROM THEIR DATE OF ISSUANCE.

(4) ALL BONDS SHALL BE SOLD IN THE MANNER, EITHER AT
PUBLIC OR PRIVATE SALE, AND UPON THE TERMS AS THE GOVERNING
BODY OF THE MUNICIPAL CORPORATION DEEMS BEST. ANY CONTRACT
FOR THE ACQUISITION OF PROPERTY MAY PROVIDE THAT PAYMENT
SHALL BE MADE IN BONDS. BONDS ISSUED UNDER THIS SECTION ARE
NOT SUBJECT TO ARTICLE 31, §§ 9, 10, AND 11 OF THE CODE.

(J) BONDS ISSUED UNDER THIS SECTION ARE SECURITIES:

(1) IN WHICH ALL PUBLIC OFFICERS AND PUBLIC BODIES OF
THE STATE AND ITS POLITICAL SUBDIVISIONS, ALL INSURANCE
COMPANIES, STATE BANKS AND TRUST COMPANIES, NATIONAL BANKING
ASSOCIATIONS, SAVINGS BANKS, SAVINGS AND LOAN ASSOCIATIONS,
INVESTMENT COMPANIES, EXECUTORS, ADMINISTRATORS, TRUSTEES
AND OTHER FIDUCIARIES MAY PROPERLY AND LEGALLY INVEST FUNDS,
INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO THEM; AND

(2) WHICH MAY PROPERLY AND LEGALLY BE DEPOSITED
WITH AND RECEIVED BY ANY STATE OR MUNICIPAL OFFICER OR ANY
AGENCY OR POLITICAL SUBDIVISION OF THE STATE FOR ANY PURPOSE
FOR WHICH THE DEPOSIT OF BONDS OR OBLIGATIONS OF THE STATE IS
NOW OR MAY HEREAFTER BE AUTHORIZED BY LAW.

(K) THE POWERS GRANTED UNDER THIS SECTION SHALL BE
REGARDED AS SUPPLEMENTAL AND ADDITIONAL TO POWERS
CONFERRED BY OTHER LAWS, AND MAY NOT BE REGARDED AS IN
DEROGATION OF ANY POWERS NOW EXISTING.

(L) THIS SECTION, BEING NECESSARY FOR THE WELFARE OF THE
STATE AND ITS RESIDENTS, SHALL BE LIBERALLY CONSTRUED TO
EFFECT THE PURPOSE STATED IN SUBSECTION (B)(2) OF THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 29, 1990.

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