J. MILLARD TAWES, Governor                      283

enforcement of any bond issued under this sub-title 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 sub-title.

(6) 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 associa-
tions, 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 belong-
ing to them or within their control in any bonds or other obliga-
tions issued by the municipality pursuant to this sub-title, provided
that such bonds and other obligations shall be secured by an agree-
ment between the issuer and the Federal Government in which the
issuer agrees to borrow from the Federal Government and the Fed-
eral 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 pay-
ment 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 agreements 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 author-
ized 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
relieving any person of any duty of exercising reasonable care in
selecting securities.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1963.

Approved March 29, 1963.

CHAPTER 153
(Senate Bill 363)

AN ACT to authorize and direct the Board of County Commissioners
of Carroll County to provide for the publication of a Code of
Public Local Laws of Carroll County, being Article 7 of the Code
of Public Local Laws of Maryland, and in the discretion of the
county commissioners, of certain ordinances and/or resolutions
of the county commissioners; providing that, on certain conditions,
the Code may include the ordinances and/or resolutions of any of
the municipal corporations within the county; relating to the pro-
visions for publication of the Code and providing that the Code,
if published, shall be evidence of certain laws.