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Ch. 13
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84
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LAWS OF MARYLAND
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3-206. EXEMPTION FROM ARTICLE 31.
THE BONDS, NOTES, AND OTHER EVIDENCES OF OBLIGATION
ISSUED ORDER THIS SUBTITLE AND THEIR ISSUANCE AND SALE
ARE EXEMPT FROM THE PROVISIONS OF ARTICLE 31, §§ 9, 10,
AND 11 OF THE CODE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §5(d).
Reference to "notes, and other evidences of
obligation" is inserted to conform to the
language of §3—201 of this subtitle; see
revisor's note to that section.
The only other changes are in style.
3-207. APPROVAL BY BOARD OF PUBLIC WORKS.
EACH ISSUE OF CONSOLIDATED TRANSPORTATION BONDS
SHALL BE APPROVED BEFORE SALE BY RESOLUTION OF THE BOARD
OF PUBLIC WORKS.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §5(e).
The only changes are in style.
3-208. REFUNDING BONDS.
(A) POWER TO ISSUE.
THE DEPARTMENT FROM TIME TO TIME MAY ISSUE ITS
REFUNDING BONDS FOR REFUNDING ANY CONSOLIDATED
TRANSPORTATION BONDS OR BONDS OF PRIOR ISSUES.
(B) APPLICABILITY OF OTHER PROVISIONS OF SUBTITLE.
THE POWERS GRANTED AND LIMITATIONS IMPOSED IN THIS
SUBTITLE AS TO THE ISSUANCE OF CONSOLIDATED
TRANSPORTATION BONDS ALSO APPLY TO THE ISSUANCE OF
REFUNDING BONDS.
(C) TREASURER TO SEGREGATE PROCEEDS.
THE STATE TREASURER SHALL SEGREGATE AND SET APART
THE PROCEEDS OF THE SALE OF ANY REFUNDING BONDS IN A
SEPARATE TRUST FUND TO BE USED ONLY TO PAY THE PURCHASE
OR REDEMPTION PRICES OF THE BONDS TO BE REFUNDED.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §6.
In subsection (a) of this section, the word
"may" is substituted for "authorized and
empowered"; see revisor's note to §3-201 of
this subtitle. Also, the present reference to
a "resolution" authorizing the issuance of
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