Md. Code Ann., Local Gov't § 1-1428
Refunding bonds
Effective Oct 1, 2017Added as Local Government § 5-428 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1428 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.State of Maryland
(a)
(1) An authority may issue bonds to refund outstanding bonds of the authority, including paying:
- (i) any redemption premium;
- (ii) interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
- (iii) any part of the cost of acquiring or improving property as part of a project.
(2) Refunding bonds may be issued for any corporate purpose, including:
- (i) realizing savings in the effective costs of debt service, directly or through a debt restructuring; or
- (ii) alleviating a potential or actual default.
- (b) Refunding bonds issued under this section shall be issued in the same manner and are subject to this subtitle to the same extent as any other bond.
- (c) An authority may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.
Added as Local Government § 5-428 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1428 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.