1496                                 LAWS OF MARYLAND                         [CH. 895

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 Fed-
eral 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 sub-
heading shall cease to be such officials before the delivery of such
bonds, 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 not-
withstanding, any bonds issued pursuant to this subheading shall
be fully negotiable.

(f)    In any suit, action or proceeding involving the validity or
enforceability of any bond issued under this subheading or the se-
curity 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
provisions of this subheading.

(g)    All banks, trust companies, savings banks and institutions,
bankers, building 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 executors, administrators,
curators, trustees, and other fiduciaries, may legally invest any sink-
ing 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 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 irrevo-
cably 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 required to be used
for the purpose of paying the principal of and the interest on such