J. MILLARD TAWES, Governor                       1065

shall mature at such time or times, bear interest at such rate or
rates, not exceeding six per centum per annum, be in such denomi-
nation or denominations, be in such form either with or without
coupon or registered, carry such conversion or registration priv-
ileges, 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 or 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 Federal
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 inter-
est 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
bond 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 notwithstanding,
any bonds issued pursuant to this subheading shall be fully negotiable.

(f)  In any suit, action or proceeding involving the validity or en-
forceability 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 pro-
visions of this subheading.

(g)  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 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 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 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)