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Ch. 546
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2450
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LAWS OF MARYLAND
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Authority may create separate sinking or other similar
funds in respect of such subordinate lien bonds.
(a) The Authority is hereby authorized to provide
for the issuance of its bonds for the purpose of
refunding any bonds of the Authority then outstanding,
including the payment of any redemption premium thereon
and any interest accrued or to accrue to the earliest OR
ANY subsequent date of redemption, purchase or maturity
of such bonds, and, if deemed advisable by the Authority,
for the additional purpose of paying all or any part of
the cost of constructing and acquiring additions,
improvements, extensions, or enlargements of a project or
any portion thereof. REFUNDING BONDS MAY BE ISSUED IN
THE DISCRETION OF THE AUTHORITY FOR ANY CORPORATE PURPOSE
INCLUDING, WITHOUT LIMITATION, THE PUBLIC PURPOSES OF
REALIZING SAYINGS IN THE EFFECTIVE COSTS, OF DEBT SERVICE,
DIRECTLY OR THROUGH A DEBT RESTRUCTURING, OR ALLEVIATING
AN IMPENDING OR ACTUAL DEFAULT. REFUNDING BONDS (IN ONE
OR MORE SERIES) MAY BE ISSUED IN AN AMOUNT IN EXCESS OF
THAT OF THE BONDS TO BE REFUNDED. WITHOUT LIMITING THE
EXTENT OR NATURE OF ANY SOURCES OF PAYMENT PROVIDED BY
THE AUTHORITY, REFUNDING BONDS MAY BE MADE PAYABLE FROM
ESCROWED BOND PROCEEDS AND FROM INTEREST, INCOME AND
PROFITS, IF ANY, ON INVESTMENTS. SUCH SOURCES MAY BE SO
APPLIED IN ADDITION TO OTHER LAWFUL USES AND SHALL
CONSTITUTE REVENUES OF A PROJECT UNDER THIS ARTICLE.
18.
(d) The portion of the proceeds of any such bonds
issued for the additional purpose of paying all or any
part of the cost of constructing and acquiring additions,
improvements, extensions or enlargements of a project may
be invested and reinvested in obligations of or
guaranteed by the United States of America, or in
certificates of deposit or time deposits secured by
obligations of or guaranteed by the United States of
America, maturing not later than the time or times when
such proceeds will be needed for the purpose of paying
all or any part of such cost. The interest, income and
profits, if any, earned or realized on such investment
may be applied to the payment of all or any part of such
cost or may be used by the [corporation] AUTHORITY in any
lawful manner.
19.
Bonds issued by the Authority under the provisions
of this article are hereby made securities in which all
public officers and public bodies of the State of
Maryland and its political subdivisions, all insurance
companies. State banks and trust companies, national
banking associations, savings tanks, savings and loan
associations, investment companies, executors,
administrators, trustees and other fiduciaries may
properly and legally invest funds, including capital in
their control or belonging to them. Such bonds are
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