272                              LAWS OF MARYLAND                      [CH. 147

URBAN RENEWAL FUNDS HELD IN RESERVES OR SINKING
FUNDS OR ANY SUCH FUNDS NOT REQUIRED FOR IMME-
DIATE DISBURSEMENT, IN PROPERTY OR SECURITIES
WHICH ARE LEGAL INVESTMENTS FOR OTHER MUNICIPAL
FUNDS.

(d)   to hold, improve, clear or prepare for redevelopment any
property acquired in connection with urban renewal projects; to
mortgage, pledge, hypothecate or otherwise encumber such property;
to insure or provide for the insurance of such property or operations
of the municipality against any risks or hazards, including the power
to pay premiums on any such insurance;

(e)   to make and execute all contracts and other instruments
necessary or convenient to the exercise of its powers under this
Article, including the power to enter into agreements with other
public bodies or agencies (which agreements may extend over any
period, notwithstanding any provision or rule of law to the contrary),
and to include in any contract for financial assistance with the Federal
Government for or with respect to an urban renewal project and
related activities such conditions imposed pursuant to Federal laws
as the municipality may deem reasonable and appropriate;

(f)  to enter into any building or property in any urban renewal
area in order to make inspections, surveys, appraisals, soundings or
test borings, and to obtain an order for this purpose from the Circuit
Court for the county in which the municipality is situated in the
event entry is denied or resisted;

(g)  to plan, replan, install, construct, reconstruct, repair, close
or vacate streets, roads, sidewalks, public utilities, parks, play-
grounds, and other public improvements in connection with an urban
renewal project; and to make exceptions from building regulations;

(h) to generally organize, coordinate and direct the administration
of the provisions of this Article as they apply to such municipality in
order that the objective of remedying slum and blighted areas and
preventing the causes thereof within such municipality may be most
effectively promoted and achieved;

(i) to exercise all or any part or combination of powers herein
granted.

Section 3. Establishment of Urban Renewal Agency

A municipality may itself exercise all the powers granted by this
Article, or may, if its legislative body by ordinance determines such
action to be in the public interest elect to have such powers exercised
by a separate public body or agency as hereinafter provided. In the
event said legislative body makes such determination, it shall proceed
by ordinance to establish a public body or agency to undertake in the
municipality the activities authorized by this Article. Such ordinance
shall include provisions establishing the number of members of such
public body or agency, the manner of their appointment and removal,
the terms of said members and their compensation. The ordinance
may include such additional provisions relating to the organization
of said public body or agency as may be necessary. In the event the
legislative body enacts such an ordinance, all of the powers by this
article granted to the municipality shall, from the effective date of
said ordinance, be vested in the public body or agency thereby estab-
lished, except: