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Session Laws, 1965
Volume 676, Page 1538   View pdf image (33K)
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1538                             LAWS OF MARYLAND                       [CH. 903

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
enforceability 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
provisions of this subheading.

(g)    All banks, trust companies, bankers, savings banks and in-
stitutions, building and loan associations, savings and loan associa-
tions, 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 obligations
issued by the municipality pursuant to this subheading, 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
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 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 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 pur-
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.

11. REVIEW AND APPROVAL.

ALL PLANS, WHETHER PRELIMINARY OR FINAL, PRE-
PARED OR PRESENTED UNDER THE PROVISIONS OF THIS
ACT BY THE MUNICIPALITY KNOWN AS CAPITOL HEIGHTS
SHALL NOT CONFLICT WITH, AND MUST CONFORM TO THE
MASTER PLAN FOR PRINCE GEORGE'S COUNTY. THIS PRO-
VISION SHALL BE CONSTRUED TO MEAN THAT ALL
URBAN RENEWAL PLANS EFFECTING A CHANGE IN ZON-
ING SHALL BE REVIEWED BY THE MARYLAND-NATIONAL
CAPITAL PARK AND PLANNING COMMISSION, AND ANY
ZONING AMENDMENTS PURSUANT TO THIS URBAN RE-
NEWAL PROGRAM MUST BE APPROVED BY THE DISTRICT
COUNCIL.

 

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Session Laws, 1965
Volume 676, Page 1538   View pdf image (33K)
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