§ 40-58-15 — Exercise of urban renewal project powers

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
irrevocably committed to the payment of interest on the bonds or other obligations will suffice to
pay the principal of such bonds or other obligations with interest to maturity thereon, which
moneys under the terms of the agreement are 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 are authorized security for all public deposits. This section does not relieve any
person of any duty of exercising reasonable care in selecting securities.