J. MILLARD TAWES, Governor                        1111

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
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 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 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 purchase of any 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. Separability.

If any provision of this subheading, or the application thereof to
any person or circumstances, is held invalid, the remainder of the
subheading and the application of such provision to persons or cir-
cumstances other than those as to which it is held invalid, shall not
be affected thereby. The powers conferred by this subheading shall
be in addition and supplemental to the powers conferred by any
other law.