SPIRO T. AGNEW, Governor                     1465

(d)    Sale. 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 munici-
pality 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 interest cost to the municipality of the portion of the
bonds sold to the Federal Government.

(e)    Officials. In case any of the public officials of the munici-
pality whose signatures appear on any bonds or coupons issued under
this subheading shall cease to be such official 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, notwith-
standing, any bonds issued pursuant to this subheading shall be
fully negotiable.

(f)    Suits. In any suit, action or proceeding involving the valid-
ity 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 re-
newal project, as herein defined, shall be conclusively deemed to
have been issued for such purpose and such project shall be con-
clusively deemed to have been planned, located and carried out in
accordance with the provisions of this subheading.

(g)    Investments. All banks, trust companies, bankers, savings
banks and institutions, building and loan associations, savings and
loan associations, investment companies and other persons carrying
on a banking or investment business; all insurance companies, in-
surance associations, 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 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 Gov-
ernment 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 com-
mitted 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 obliga-
tions shall be authorized security for all public deposits. It is the
purpose of this section to authorize any persons, political subdivi-
sions and officers, public or private, to use any funds owned or con-
trolled by them for the purchase of any such bonds or other obliga-
tions. Nothing contained in this section with regard to legal invest-