2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 10-331 - Refunding bonds -- In general

§10-331.

(a) (1) The Authority may issue bonds to refund outstanding bonds of the Authority, including paying:

(i) any redemption premium;

(ii) interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and

(iii) if considered advisable by the Authority, any part of the cost of acquiring or improving a project.

(2) Refunding bonds may be issued for any corporate purpose, including:

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

(ii) alleviating a potential or actual default.

(b) A refunding bond that the Authority issues under this section shall be issued in the same manner and is subject to this subtitle to the same extent as any other bond.

(c) (1) The Authority may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.

(2) (i) In addition to other sources of payment that the Authority determines, refunding bonds may be payable from escrowed bond proceeds and earnings and profits on investments.

(ii) Escrowed bond proceeds and earnings and profits on investments used under subparagraph (i) of this paragraph constitute revenues of a project under this subtitle.