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3262 LAWS OF MARYLAND Ch. 825
NOR BY ANY SINGLE COUNTY, BI-COUNTY OR MULTI-COUNTY
AGENCY OR INSTRUMENTALITY WITHOUT THE PRIOR APPROVAL OF
THE GOVERNING BODY OF EACH COUNTY INVOLVED. REFUNDING
BONDS ISSUED UNDER THE AUTHORITY OF THIS SECTION MAY BE
ISSUED ONLY FOR THE PUBLIC PURPOSE OF REALIZING SAVINGS
TO THE ISSUER IN THE EFFECTIVE COSTS OF DEBT SERVICE
DIRECTLY OR THROUGH ANY DEBT RESTRUCTURING WHICH IN THE
AGGREGATE EFFECTS A REDUCTION IN THE COST OF DEBT
SERVICE, THE POWER TO ISSUE REFUNDING BONDS UNDER THIS
SECTION SHALL BE DEEMED ADDITIONAL AND SUPPLEMENTAL TO
THE ISSUER'S EXISTING BORROWING POWER , . THE PROCEDURES
FOR THE ISSUANCE OF REFUNDING BONDS SHALL BE THE SAME AS
THOSE APPLICABLE TO THE BONDS OR OTHER OBLIGATIONS BEING
REFUNDED, EXCEPT THAT REFUNDING BONDS MAY BE SOLD ON A
NEGOTIATED BASIS WITHOUT SOLICITATION OF BIDS IF THE
ISSUER DETERMINES IN A PUBLIC MEETING THAT SUCH PROCEDURE
IS IN THE PUBLIC INTEREST.
(B) THE PROCEEDS OF REFUNDING BONDS, IN AMOUNT
DETERMINED BY THE ISSUER, MAY BE DEPOSITED IN TRUST WITH
A TRUST COMPANY OR OTHER BANKING INSTITUTION AS TRUSTEE,
IN A TRUST FUND ESTABLISHED IN THE NAME OF THE ISSUER.
MONEY IN THE TRUST FUND MAY BE INVESTED AND REINVESTED IN
DIRECT OBLIGATIONS OF, OR OBLIGATIONS THE PRINCIPAL OF
AND THE INTEREST ON WHICH ARE GUARANTEED BY, THE UNITED
STATES OF AMERICA OR IN CERTIFICATES OF DEPOSIT OR TIME
DEPOSITS SECURED BY DIRECT OBLIGATIONS OR OBLIGATIONS THE
PRINCIPAL OF, AND THE INTEREST ON WHICH, ARE GUARANTEED
BY, THE UNITED STATES OF AMERICA. THE INTEREST, INCOME
AND PROFITS, IF ANY, EARNED OR REALIZED ON ANY INVESTMENT
MAY BE DEEMED TO BE REVENUE OF A REVENUE PROJECT AND MAY
BE APPLIED TO THE PAYMENT OF THE OUTSTANDING BONDS TO BE
REFUNDED, TO THE PAYMENT OF THE REFUNDING BONDS OR
OTHERWISE APPLIED IN ANY LAWFUL MANNER, MONEY IN THE
TRUST FUND SHALL BE AVAILABLE FOR THE PAYMENT OF ALL OR
ANY PART OF THE PRINCIPAL, INTEREST AND REDEMPTION
PREMIUM, IF ANY. OF THE BONDS OR OTHER OBLIGATIONS, OR
ANY OF THEM, BEING REFUNDED AND OF THE REFUNDING BONDS,
OR ANY OF THEM. AND OF ANY OTHER RELATED COSTS, AS THE
ISSUER, IN ITS DISCRETION, MAY PRESCRIBE. PROCEEDS OF
REFUNDING BONDS SHALL BE SO INVESTED AND APPLIES AS TO
ASSURE THAT THE PRINCIPAL, INTEREST AND REDEMPTION
PREMIUM, IF ANY, ON THE BONDS OR OTHER OBLIGATIONS BEING
REFUNDED SHALL BE PAID IN FULL ON THEIR RESPECTIVE
MATURITY, REDEMPTION OR INTEREST PAYMENT DATES. BONDS OR
OTHER OBLIGATIONS BEING REFUNDED THAT ARE SUBJECT TO
REDEMPTION PRIOR TO THEIR STATED MATURITY DATES MAY BE
CALLED FOR REDEMPTION ON THE EARLIEST REDEMPTION DATE OR
AT SUCH LATER DATE AS THE ISSUER MAY DETERMINE.
(C) REFUNDING BONDS MAY BE ISSUED IN ONE OR MORE
SERIES, EACH SERIES BEING IN WHATEVER PRINCIPAL AMOUNT
THE ISSUER DETERMINES SHALL BE REQUIRED TO ACHIEVE THE
PURPOSE FOR THE ISSUANCE OF THE REFUNDING BONDS. WHICH
AMOUNT MAY BE IN EXCESS OF THE PRINCIPAL AMOUNT OF BONDS
OR OTHER OBLIGATIONS REFUNDED. ALL OR ANY EAST OF THE
REFUNDING BONDS MAY BE MADE PAYABLE FROM MONEY IN, AND
SECURED BY, THE TRUST FUND IN ADDITION TO OR IN LIEU OF
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