(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.
Structure Maryland Statutes
Title 13 - State-Operated Financial Programs
Section 13-1116 - Bonds Payable From Receipts of Authority
Section 13-1117 - Requirements of Bonds Issued
Section 13-1118 - Resolutions or Trust Agreements
Section 13-1119 - Pledge of Revenues as Security for Issue of Bonds
Section 13-1121 - Refunding Bonds
Section 13-1122 - Agreements to Enhance Marketability or to Provide Security; Investments in Bonds