Section 10-332 - Refunding bonds - Application of bond proceeds. - Maryland Statutes

§ 10-332. Refunding bonds - Application of bond proceeds.
 

(a)  In general.- 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. 

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

[An. Code 1957, art. 43C, § 18(b); 2008, ch. 306, § 2.]