J. MILLARD TAWES, GOVERNOR                           1597

174K. Bonds—How Sold.

Both the revenue bonds and general obligation serial bonds may
be sold at not less than par at public sales held after notice published
prior to such sale in a newspaper having a general circulation in the
County and in such other medium of publication as the Commis-
sioners 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 County not to
exceed the interest of the portion of the bonds sold to the Federal
Government.

174L. Bonds—Signature.

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

174M. 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
Howard 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.

174N. 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
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, 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