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2956
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Ch. 735
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LAWS OF MARYLAND
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sale in newspapers having general circulation in each of
Anne Arundel, Howard, Montgomery, and Prince George's
County and in such other medium of publication as the
Authority 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
Authority not to exceed the interest cost to the
Authority of the portion of the bonds sold to the federal
government.
(e) In case any of the public officials, of the
board, whose signatures appear on any bonds or coupons
issued under this subtitle shall cease to be such
officials before the delivery of such bonds, or in the
event any such officials shall have become such after the
date of issuance thereof, said bonds shall nevertheless
be valid and binding obligations of said Authority in
accordance with its terms. Any provisions of any law to
the contrary notwithstanding, any bonds issued pursuant
to this subtitle shall be fully negotiable.
(f) 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 Authority pursuant to this subtitle,
provided that 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 or 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 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 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
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