1. (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.
2. (b) The Authority may place proceeds of refunding bonds in escrow before applying the proceeds to refund bonds.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.