J. Millard Tawes, Governor 1463

12.   Bonds—Signature.

In case any of the public officials of Montgomery County whose
signatures apepar 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 pur-
poses, the same as if such officials had remained in office until such
delivery.

13.  Bonds—Validity.

In any suit, action or proceeding involving the validity or enforce-
ability of any bond issued under this Act or the security therefor,
any such bond reciting in substance that it has been issued by
Montgomery 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
provisions of this Act.

1.4. Bonds—Investments.

All banks, trust companies, bankers, savings banks and institu-
tions, building and loan associations, savings and loan associations,
investment companies and other persons carrying on a banking or
investment business; all insurance companies, insurance associations,
and other persons carrying on an insurance business; and all execu-
tors, administrators, curators, trustees, and other fiduciaries, may
legally invest any sinking funds, moneys, or other funds belonging
to them or within their control in any bonds or other obligations
issued by the 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 bor-
row from the Federal Govednment GOVERNMENT and the Federal
Government 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 ma-
turity thereon, which moneys under the terms of said agreement are
required 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.

Sec. 2 And be it further enacted, That the provisions of this Act
are severable, and if any of its provisions shall be held unconstitu-
tional or invalid by any court of competent jurisdiction, the decision
of such court shall not affect or impair any of the remaining provisi-
sions. It is hereby declared to be the legislative intent that this Act
would have been adopted had such unconstitutional or invalid pro-
vision not been included therein.