1526                             Laws of Maryland                      [Ch. 842

(5)  In case any of the public officials of the municipality whose
signatures appear on any bonds or coupons issued under this section
shall cease to be such officials before the delivery of such bond or,
in the event any such officials shall have become such after the date
of issue thereof, said bonds shall nevertheless be valid and binding
obligations of said municipality in accordance with their terms. Any
provision of any law to the contrary notwithstanding, any bonds
issued pursuant to this section shall be fully negotiable.

(6)  In any suit, action or proceeding involving the validity or en-
forceability of any bond issued under this section or the security
therefor, any such bond reciting in substance that it has been issued
by the municipality 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 pro-
visions of this Article XII-A.

Section 422-K. Bonds As Legal Investments.

All banks, trust companies, bankers, savings banks and institu-
tions, building 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 executors, 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 Article XII-A, 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 irre-
vocably 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 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 sub-
divisions 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.

Section 422-L. Separability.

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