- (a) The Department from time to time may issue its refunding bonds for refunding any consolidated transportation bonds or bonds of prior issues.
- (b) The powers granted and limitations imposed in this subtitle as to the issuance of consolidated transportation bonds also apply to the issuance of refunding bonds.
- (c) The State Treasurer shall segregate and set apart the proceeds of the sale of any refunding bonds in a separate trust fund to be used only to pay the purchase or redemption prices of the bonds to be refunded.
Added by Acts 1977, c. 13, § 2, eff. July 1, 1977.
Formerly Art. 94A, § 6.