SPIRO T. AGNEW, Governor                      1269

title "Howard County," subtitle "Urban Renewal," to define and
ascertain certain restrictions on certain bonds or notes in Howard
County.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 338 of the Code of Public Local Laws of Howard County
(1965 Edition, being Article 14 of the Code of Public Local Laws of
Maryland), title "Howard County," subtitle "Urban Renewal," be
and it is hereby repealed and re-enacted, with amendments, to read
as follows:

338.

All banks, trust companies, bankers, savings banks and institu-
tions, 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, moneys, or other funds belong-
ing to them, or within their control in any bonds or other obliga-
tions issued by the County pursuant to this Act; provided that as to
revenue bonds or notes issued pursuant to Section 332 of this subtitle,
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, moneys in an amount which (together
with any other moneys irrevocably committed to the payment of
principal and interest on such bonds and other obligations) will
suffice to pay the principal of such bonds or other obligations with
interest to maturity thereon, which moneys 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 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
as 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, 1967.

Approved April 21, 1967.

CHAPTER 626
(House Bill 949)

AN ACT to repeal and re-enact, with amendments, Section 140A(a)
of the Code of Public Local Laws of St. Mary's County (1966 Sup-
plement, being Article 19 of the Code of Public Local Laws of