BLAIR LEE III, Acting Governor

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CIRCULATION IN THE AREA IN WHICH THE MUNICIPALITY 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