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Martin O'Malley, Governor
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S.B. 1009
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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
APPENDIX 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 APPENDIX ARE FULLY NEGOTIABLE.
(F) IN ANY SUIT, ACTION, OR PROCEEDING INVOLVING THE VALIDITY
OR ENFORCEABILITY OF ANY BOND 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
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- 4545 -
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