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2002 LAWS OF MARYLAND
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Ch. 181
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(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 APPENDIX.
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.
A1-113. SHORT TITLE.
THIS APPENDIX SHALL BE KNOWN AND MAY BE CITED AS THE PRESTON URBAN
RENEWAL AUTHORITY FOR SLUM CLEARANCE ACT.
A1-114. AUTHORITY TO AMEND OR REPEAL.
THIS APPENDIX, ENACTED PURSUANT TO ARTICLE III, SECTION 61 OF THE
CONSTITUTION OF MARYLAND, MAY BE AMENDED OR REPEALED ONLY BY THE
GENERAL ASSEMBLY OF MARYLAND.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2002.
Approved April 25, 2002.
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- 1660 -
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