1634                             LAWS OF MARYLAND                        [CH. 781

shall mature at such time or times, bear interest at such rate or rates,
not exceeding six per centum per annum, be in such denomination or
denominations, be in such form either with or without coupon or
registered, carry such conversion or registration privileges, have
such rank or priority, be executed in such manner, be payable in such
medium or payment, at such place or places, and be subject to such
terms of redemption (with or without premium), be secured in such
manner, and have such other characteristics, as may be provided by
such resolution or trust indenture or mortgage issued pursuant
thereto.

(d)   Such 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 area in which the municipality is located
and in such other medium of publication as the municipality 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 of not to exceed the interest
cost to the municipality of the portion of the bonds sold to the Federal
Government.

(e)   In case any of the public officials of the municipality whose
signatures appear on any bonds or coupons issued under this subhead-
ing 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 subheading shall be fully negotiable.

(f)   In any suit, action or proceeding involving the validity or en-
forceability of any bond issued under this subheading 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 provi-
sions of this subheading.

(g)   All banks, trust companies, bankers, savings banks and insti-
tutions, 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, monies, or other funds belonging to
them or within their control in any bonds or other obligations issued
by the municipality pursuant to this subheading, provided that such
bonds and other obligations shall be secured by an agreement be-
tween 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, monies in an amount which (together with
any other monies irrevocably committed to the payment of principal