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MARVIN MANDEL, Governor 3261
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EXIGENCY RESPECTING ANY BONDS OR NOTES OF THE STATE. The
bonds shall be issued and sold in accordance with the
procedures of this subtitle unless the specific enabling
act otherwise provides.
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SECTION 5. AND BE IT FURTHER ENACTED, That this Act
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is hereby declared to be an emergency measure and
necessary for the immediate preservation of the public
health safety and having been passed by a yea and nay
vote supported by three-fifths of all the members elected
to each of the two Houses of the General Assembly, the
same shall take effect from the date of its passage.
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BY adding to
Article 31 - Debt - Public
Section 24, to be under the new subtitle
"Refunding Bonds"
Annotated Code of Maryland
(1976 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 24 to be under the new
subtitle "Refunding Bonds" be and it is hereby added to
Article 31 -Debt - Public, of the Annotated Code of
Maryland (1976 Replacement Volume and 1976 Supplement) to
read as follows:
Article 31 -Debt — Public
REFUNDING BONDS
24.
(A) A MUNICIPAL CORPORATION SUBJECT TO THE
PROVISIONS OF ARTICLE 23A, A COUNTY, WHETHER SUBJECT TO
THE PROVISIONS OF ARTICLES 25, 25A, OR 25B, BALTIMORE
CITY, A SANITARY COMMISSION OR DISTRICT, WHETHER
ORGANIZED UNDER THE PROVISIONS OF PUBLIC GENERAL OR
PUBLIC LOCAL LAW, BUT NOT INCLUDING THE WASHINGTON
SUBURBAN SANITARY COMMISSION, AND A DEPARTMENT,
COMMISSION, AUTHORITY, PUBLIC CORPORATION OR OTHER
INSTRUMENTALITY OF THE STATE, A COUNTY OR MUNICIPAL
CORPORATION, INCLUDING BALTIMORE CITY, THAT HAS POWER
UNDER ANY PUBLIC GENERAL OR PUBLIC LOCAL LAW TO BORROW
MONEY AND TO EVIDENCE THE BORROWING BY THE ISSUANCE OF
ITS GENERAL OBLIGATION BONDS, REVENUE BONDS OR OTHER
EVIDENCES OF OBLIGATION BY WHATEVER NAME KNOWN OR SOURCE
OF FUNDS SECURED, MAY ISSUE BONDS FOR THE PURPOSE OF
REFUNDING ANY OF ITS BONDS THEN OUTSTANDING, INCLUDING
THE PAYMENT OF ANY REDEMPTION PREMIUM AND ANY INTEREST
ACCRUED OR TO ACCRUE TO THE DATE OF REDEMPTION, PURCHASE
OR MATURITY OF THE BONDS OR OTHER OBLIGATIONS. NO
REFUNDING BONDS SHALL BE ISSUED BY ANY STATE AGENCY
WITHOUT THE PRIOR APPROVAL OF THE BOARD OF PUBLIC WORKS,
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