J. MILLARD TAWES, GOVERNOR                              1319

investment business; all insurance companies, insurance associations,
and other persons carrying on an insurance business; and all ex-
ecutors, administrators, curators, trustees, and other fiduciaries, may
legally invest any sinking funds, monies, or other funds belonging to
them or within their control in any bonds or other obligations issued
by the municipality pursuant to this sub-heading, 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 Government
agrees to lend to the issuer, prior to the maturity of such bonds or
other obligations, monies in an amount which (together with any
other monies 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 monies 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 per-
sons, 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.

11. Separability

If any provision of this sub-heading, or the application thereof to
any person or circumstances, is held invalid, the remainder of the
sub-heading and the application of such provision to persons or cir-
cumstances other than those as to which it is held invalid, shall not
be affected thereby. The powers conferred by this sub-heading shall
be in addition and supplemental to the powers conferred by any other
law.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved May 3, 1961.

CHAPTER 756
(House Bill 525)

AN ACT to repeal and re-enact, with amendments, Section 67 of
ARTICLE 81 OF the Annotated Code of Maryland (1957 Edition),
title "Revenue and Taxes", sub-title "Collectors and Collections",
providing for the Department of Assessments of Baltimore City
to decrease or abate an assessment after the date of finality THE
DECREASE OR ABATEMENT OF ASSESSMENTS AFTER

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.