2062                                        LAWS OF MARYLAND                                    Ch. 582

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 ARTICLE ARE
FULLY NEGOTIABLE.

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(F)  IN ANY SUIT, ACTION OR PROCEEDING INVOLVING THE
VALIDITY OR ENFORCEABILITY OF ANY BOND ISSUED UNDER THIS ARTICLE,
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 DEEMED
CONCLUSIVELY CONSIDERED TO HAVE BEEN PLANNED, LOCATED AND CARRIED
OUT IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE.

(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 ARTICLE. 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.

SECTION 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 article, or the application thereof to any person or
circumstances is held invalid, the remainder of the article and
the application of such provision to persons or circumstances
other than those as to which it is held invalid, shall not be
affected thereby. The powers conferred by this article shall be