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121
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MARVIN MANDEL, Governor
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(2) WITHOUT ANY PROCEEDINGS OR THE HAPPENING
OF ANY CONDITIONS OR THINGS OTHER THAN THOSE
SPECIFICALLY REQUIRED BY THIS SUBTITLE.
REVISOR'S NOTE; This section presently appears as
Art. 94A, §13(e).
In item (1) of this section, the terms
"instrumentality, agency, or unit" are
substituted for the present checklist of
various types of agencies and the like. This
is done for brevity, and no substantive change
is intended by the substitution.
The only other changes are in style.
4-307. ADDITIONAL BONDS.
(A) POWER TO ISSUE.
IF, BY REASON OF INCREASED CONSTRUCTION COSTS, ERROR
IN ESTIMATES, OR OTHERWISE, THE PROCEEDS OF THE REVENUE
BONDS OF ANY ISSUE ARE LESS THAN THE AMOUNT REQUIRED FOR
THE PURPOSE FOR WHICH THE BONDS ARE AUTHORIZED,
ADDITIONAL REVENUE BONDS MAY BE ISSUED IN A SIMILAR
MANNER TO PROVIDE THE AMOUNT OF THE DEFICIENCY.
(B) NATURE OF ADDITIONAL BONDS; EXCESS PROCEEDS.
THE ADDITIONAL BONDS SHALL BE DEEMED TO BE OF THE
SAME ISSUE AND SHALL BE ENTITLED TO PAYMENT FROM THE SAME
FUND, WITHOUT PREFERENCE OR PRIORITY, AS THE BONDS FIRST
ISSUED. IF THE PROCEEDS OF THE ADDITIONAL BONDS EXCEED
THE AMOUNT REQUIRED, THE EXCESS SHALL BE DEPOSITED TO
THE CREDIT OF ANY RESERVE FUND FOR THE BONDS OR, IF SO
PROVIDED IN THE TRUST AGREEMENT SECURING THE BONDS, MAY
BE APPLIED TO THE COST OF ANY ADDITIONAL PROJECT.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §14.
The only changes are in style.
4-308. REVENUE REFUNDING BONDS.
(A) POWER TO ISSUE.
THE AUTHORITY FROM TIME TO TIME MAY ISSUE ITS
REVENUE REFUNDING BONDS FOR:
(1) REFUNDING ANY BONDS ISSUED UNDER THIS
SUBTITLE OR ANY REVENUE BONDS OF PRIOR ISSUES, INCLUDING
THE PAYMENT OF ANY REDEMPTION PREMIUM ON THE BONDS AND
ANY INTEREST ACCRUED OR TO ACCRUE TO THE DATE OF
REDEMPTION OF THE BONDS;
(2) CONSTRUCTING IMPROVEMENTS OR EXTENSIONS
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