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1317
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MARVIN MANDEL, Governor
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IS LOCATED AND IN WHATEVER OTHER MEDIUM OF PUBLICATION AS
THE MUNICIPALITY MAY DETERMINE. THE BONDS MAY BE
EXCHANGED ALSO FOR OTHER BONDS ON THE BASIS OF PAR.
HOWEVER, THE BONDS MAY NOT BE SOLD TO THE FEDERAL
GOVERNMENT AT PRIVATE SALE AT LESS THAN PAR, AND, IN THE
EVENT LESS THAN ALL OF THE AUTHORIZED PRINCIPAL AMOUNT OF
THE BONDS IS SOLD TO THE FEDERAL GOVERNMENT, THE BALANCE
MAY NOT BE SOLD AT PRIVATE SALE AT LESS THAN PAR AT AN
INTEREST COST TO THE MUNICIPALITY WHICH DOES NOT EXCEED
THE INTEREST 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 SUBHEADING CEASE TO BE
OFFICIALS OF THE MUNICIPALITY BEFORE THE DELIVERY OF THE
BONDS OR, IN THE EVENT ANY OF THE OFFICIALS HAVE BECOME
SUCH AFTER THE DATE OF ISSUE OF THEM, THE BONDS ARE VALID
AND BINDING OBLIGATIONS OF THE MUNICIPALITY IN ACCORDANCE
WITH THEIR TERMS. ANY PROVISION OF ANY LAW TO THE
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
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