1. (a) Any municipality may issue refunding bonds to refund, pay, or discharge the principal and interest on all or any part of the outstanding bonds:

   1. (1) Issued by the municipality to finance the development of all or part of the sewerage facility; and
   2. (2) In arrears or about to become due.
2. (b) The provisions of this subtitle that concern authorization and issuance of bonds apply to authorization and issuance of refunding bonds.

Added by Acts 1982, c. 240, § 2.

Formerly Art. 43, § 438.