(a) The Authority may apply the proceeds of refunding bonds to the purchase, retirement at maturity, or redemption of outstanding bonds on the earliest or a subsequent redemption date for those bonds.
(b) The Authority may place proceeds of refunding bonds in escrow before applying the proceeds to refund bonds.
Structure Maryland Statutes
Division II - Independent and Regional Development Units and Resources
Title 10 - Statewide Development Resources and Revenue Authorities
Subtitle 3 - Maryland Health and Higher Educational Facilities Authority
Section 10-323 - General Authorization
Section 10-324 - Trust Agreement
Section 10-325 - Legal Investments
Section 10-326 - Liability; Full Faith and Credit
Section 10-327 - Rates, Rents, Fees and Charges
Section 10-328 - Sinking Fund -- Established
Section 10-329 - Sinking Fund -- Nature and Application
Section 10-330 - Use of Bond Proceeds and Revenues
Section 10-331 - Refunding Bonds -- in General
Section 10-332 - Refunding Bonds -- Application of Bond Proceeds
Section 10-333 - Refunding Bonds -- Investment or Reinvestment in United States Obligations
Section 10-334 - Bond Anticipation Notes
Section 10-335 - Title Conveyance; Release of Security