1308                             Laws of Maryland                        [Ch. 754

general circulation in the area of operation and in such other medium
of publication as the municipality COUNTY may determine or may
be exchanged for other bonds on the basis of par; provided that such
bonds may be sold to the Federal Government at private sale at not
less than par, and, in the event less than all of the authorized principal
amount of such bonds is sold to the Federal Government, the balance
may be sold at private sale at not less than par at an interest cost to
the municipality COUNTY of not to exceed the interest cost to the
municipality COUNTY of the portion of the bonds sold to the Federal
Government.

26A-28. In case any of the public officials of the municipality COUN-
TY who signatures appear on any bonds or coupons issued under this
Act shall cease to be such officials before the delivery of such bonds,
such signatures shall, nevertheless, be valid and sufficient for all
purposes, the same as if such officials had remained in office until
such delivery. Any provision of any law to the contrary notwith-
standing, any bonds issued pursuant to this Act shall be fully nego-
tiable.

26A-29. In any suit, action or proceeding involving the validity or
enforceability of any bond issued under this Act or the security there-
for, any such bond reciting in substance that it has been issued by the
municipality COUNTY in connection with an urban renewal project
as herein defined, shall be conclusively deemed to have been issued for
such purpose and such project shall be conclusively deemed to have
been planned, located and carried out in accordance with the provi-
sions of this Act.

26A-30. All banks, trust companies, bankers, savings banks and
institutions, building and loan associations, savings and loan asso-
ciations, investment companies and other persons carrying on a bank-
ing or investment business; all insurance companies, insurance asso-
ciations, and other persons carrying on an insurance business; and
all executors, administrators, curators, trustees, and other fiduciaries,
may legally invest any sinking funds, moneys, or other funds belong-
ing to them or within their control in any bonds or other obligations
issued by the municipality COUNTY pursuant to this Act; provided
that such bonds and other obligations shall be secured by an agreement
between the issuer and the Federal Government in which the issuer
agrees to borrow from the Federal Government and the Federal Gov-
ernment agrees to lend to the issuer, prior to the maturity of such
bonds or other obligations, moneys in an amount which (together with
any other moneys irrevocably committed to the payment of principal
and interest on such bonds or other obligations) will suffice to pay the
principal of such bonds or other obligations with interest to maturity
thereon, which moneys under the terms of said agreement are re-
quired to be used for the purpose of paying the principal of and the
interest on such bonds or other obligations at their maturity. Such
bonds and other obligations shall be authorized security for all public
deposits. It is the purpose of this section to authorize any persons,
political subdivisions and officers, public or private, to use any funds
owned or controlled by them for the purchase of any such bonds or
other obligations. Nothing contained in this section with regard to
legal investments shall be construed as relieving any person of any
duty of exercising reasonable care in selecting securities.

26A-31. The County is hereby authorized and empowered through