1662                              LAWS OF MARYLAND                        [CH. 792

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 County pursuant to this subheading, 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 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.

21A.
12.

If any provision of this subheading, or the application thereof to
any person or circumstances, is held invalid, the remainder of the
subheading 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 subheading 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 1,1963.

Approved May 6, 1963.

CHAPTER 792
(House Bill 417)

AN ACT authorizing the County Commissioners of Anne Arundel
County to acquire by purchase or condemnation the fee simple
interests or such other interests as they may deem necessary or
sufficient in and to certain pieces or parcels of land situate in the
City of Annapolis for the expansion of jail facilities PUBLIC
COUNTY OFFICE BUILDINGS AND PARKING FACILITIES
for Anne Arundel County.

Section 1. Be it enacted by the General Assembly of Maryland,
That the expansion and improvement of the jail facilities PUBLIC