HARRY HUGHES, Governor

3191

IMPENDING OR ACTUAL DEFAULT OR RELIEVING THE AUTHORITY OF
CONTRACTUAL AGREEMENTS WHICH, IN THE OPINION OF THE
AUTHORITY, HAVE BECOME UNREASONABLY ONEROUS OR IMPRACTICABLE
OR IMPOSSIBLE TO PERFORM. 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 SUBTITLE.

(B)  THE PROCEEDS OF ANY SUCH BONDS ISSUED FOR THE
PURPOSE OF REFUNDING OUTSTANDING BONDS MAY, IN THE
DISCRETION OF THE AUTHORITY, BE APPLIED TO THE PURCHASE OR
RETIREMENT AT MATURITY OR REDEMPTION OF SUCH OUTSTANDING
BONDS EITHER ON THEIR EARLIEST OR ANY SUBSEQUENT REDEMPTION
DATE, AND MAY, PENDING SUCH APPLICATION, BE PLACED IN ESCROW
TO BE APPLIED TO SUCH PURCHASE OR RETIREMENT AT MATURITY OR
REDEMPTION ON SUCH DATE AS MAY BE DETERMINED BY THE
AUTHORITY.

(C)  ANY SUCH ESCROWED PROCEEDS, PENDING SUCH USE, 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 AT SUCH
TIME OR TIMES AS SHALL BE APPROPRIATE TO ASSURE THE PROMPT
PAYMENT, AS TO PRINCIPAL, INTEREST, AND REDEMPTION PREMIUM,
IF ANY, OF THE OUTSTANDING BONDS TO BE SO REFUNDED. THE
INTEREST, INCOME AND PROFITS, IF ANY, EARNED OR REALIZED ON
ANY SUCH INVESTMENT MAY ALSO BE APPLIED TO THE PAYMENT OF
THE OUTSTANDING BONDS TO BE SO REFUNDED. AFTER THE TERMS OF
THE ESCROW HAVE BEEN FULLY SATISFIED AND CARRIED OUT, ANY
BALANCE OF SUCH PROCEEDS AND INTEREST, INCOME, AND PROFITS,
IF ANY, EARNED OR REALIZED ON THE INVESTMENTS THEREOF MAY BE
RETURNED TO THE AUTHORITY FOR USE BY IT IN ANY LAWFUL
MANNER.

(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 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 AUTHORITY IN ANY LAWFUL MANNER.

10. 3-710.

THE AUTHORITY IS FURTHER AUTHORIZED AND EMPOWERED, BY
RESOLUTION: