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2007 Laws of Maryland
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Ch. 216
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(F) IN ANY SUIT, ACTION, OR PROCEEDING INVOLVING THE VALIDITY
OR ENFORCEABILITY OF ANY BONDS ISSUED UNDER THIS APPENDIX, 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 APPENDIX.
(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
GALESTOWN URBAN RENEWAL AUTHORITY FOR SLUM CLEARANCE ACT.
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- 1574 -
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