BLAIR LEE III, Acting Governor

2103

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 A COMMUNITY DEVELOPMENT

BLOCK GRANTS 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 OF 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.

241P.

THIS ACT SHALL BE KNOWN AND MAY BE CITED AS THE NORTH
BEACH REDEVELOPMENT URBAN RENEWAL COMMUNITY DEVELOPMENT 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