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MARVIN MANDEL, Governor 1305
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CONTRARY NOTWITHSTANDING, ANY BONDS ISSUED PURSUANT TO
THIS SUBHEADING ARE FULLY NEGOTIABLE.
(F) IN ANY SUIT, ACTION, OR PROCEEDING INVOLVING
THE VALIDITY OR ENFORCEABILITY OF ANY BOND ISSUED UNDER
THIS SUBHEADING, OR THE SECURITY FOR IT, ANY BOND WHICH
RECITES IN SUBSTANCE THAT IT HAS BEEN ISSUED BY THE
MUNICIPALITY IN CONNECTION WITH AN URBAN RENEWAL PROJECT
SHALL BE CONSIDERED CONCLUSIVELY TO HAVE BEEN ISSUED FOR
THAT PURPOSE, AND THE PROJECT SHALL BE CONSIDERED
CONCLUSIVELY 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 INSTITUTIONS, 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 EXECUTORS, ADMINISTRATORS, CURATORS,
TRUSTEES, AND OTHER FIDUCIARIES, MAY LEGALLY INVEST ANY
SINKING FUNDS, MONEYS, OR OTHER FUNDS BELONGING TO THEM
OR WITHIN THEIR CONTROL IN ANY BONDS OR OTHER OBLIGATIONS
ISSUED BY THE MUNICIPALITY PURSUANT TO THIS SUBHEADING.
HOWEVER, THE 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 THE BONDS OR
OTHER OBLIGATIONS, MONEYS IN AN AMOUNT WHICH (TOGETHER
WITH ANY OTHER MONEYS COMMITTED IRREVOCABLY TO THE
PAYMENT OF PRINCIPAL AND INTEREST ON THE BONDS OR OTHER
OBLIGATIONS) WILL SUFFICE TO PAY THE PRINCIPAL OF THE
BONDS OR OTHER OBLIGATIONS WITH INTEREST TO MATURITY ON
THEM. THE MONEYS UNDER THE TERMS OF THE AGREEMENT SHALL
BE REQUIRED TO BE USED FOR THE PURPOSE OF PAYING THE
PRINCIPAL OF AND THE INTEREST ON THE BONDS OR OTHER
OBLIGATIONS AT THEIR MATURITY. THE BONDS AND OTHER
OBLIGATIONS SHALL BE AUTHORIZED SECURITY FOR ALL PUBLIC
DEPOSITS. THIS SECTION AUTHORIZES ANY PERSONS OR PUBLIC
OR PRIVATE POLITICAL SUBDIVISIONS AND OFFICERS TO USE ANY
FUNDS OWNED OR CONTROLLED BY THEM FOR THE PURCHASE OF ANY
BONDS OR OTHER OBLIGATIONS. WITH REGARD TO LEGAL
INVESTMENTS, THIS SECTION MAY NOT BE CONSTRUED TO RELIEVE
ANY PERSON OF ANY DUTY OF EXERCISING REASONABLE CARE IN
SELECTING SECURITIES.
13. SHORT TITLE
THIS ACT SHALL BE KNOWN AND MAY BE CITED AS THE
REDEVELOPMENT URBAN RENEWAL ACT.
SECTION 2. AND BE IT FURTHER ENACTED, That 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 circumstances other than those as
to which it is held invalid, shall not be affected
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