Maryland Financial Institutions Section 13-1121

      (a)      The Authority may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds.

      (b)      Refunding bonds may be issued in the discretion of the Authority and for any purpose authorized by this subtitle, including:

            (1)      (i)      For the public purposes of realizing savings in the effective costs of debt service, directly or through a debt restructuring;

                  (ii)      For alleviating impending or actual default; or

                  (iii)      For any other public purpose that the Authority determines is in the best interests of and consistent with the Authority's long-term financing plan;

            (2)      In one or more series; and

            (3)      In an amount in excess of that of the bonds to be refunded.