Maryland Environment Section 9-937

      By resolution of its board of directors, an authority may provide for the issuance of:

            (1)      Refunding bonds to refund any bonds of the authority that were issued under this subtitle and are outstanding; or

            (2)      A single issue of bonds to:

                  (i)      Pay the cost of a project or of the improvement, extension, or reconstruction of or additions to a project; and

                  (ii)      Refund bonds that:

                        1.      Were issued under this subtitle and are outstanding; and

                        2.      Have matured, are subject to redemption, or can be retired.