2042

LAWS OF MARYLAND

Ch. 497

SALE (NEGOTIATED SALE), AND FOR ANY PRICE THAT IT MAY
DETERMINE.

13.111. 526.

(A)  THE AUTHORITY ADMINISTRATION MAY PROVIDE FOR THE
ISSUANCE OF ITS BONDS FOR THE PURPOSE OF REFUNDING ANY BONDS
OF THE AUTHORITY ADMINISTRATION THEN OUTSTANDING, INCLUDING
THE PAYMENT OF ANY REDEMPTION PREMIUM ON THE BONDS AND ANY
INTEREST ACCRUED OR TO ACCRUE TO THE EARLIEST OR ANY
SUBSEQUENT DATE OF REDEMPTION, PURCHASE OR MATURITY OF THE
BONDS, AND, IF CONSIDERED ADVISABLE BY THE AUTHORITY
ADMINISTRATION, FOR THE ADDITIONAL PURPOSE OF PAYING ALL OR
ANY PART OF THE COST OF ALL OR ANY PORTION OF AN ENERGY
PROJECT. REFUNDING BONDS MAY BE ISSUED IN THE DISCRETION OF
THE AUTHORITY ADMINISTRATION FOR ANY CORPORATE PURPOSE
AUTHORIZED BY THIS SUBTITLE, INCLUDING THE PUBLIC PURPOSES
OF REALIZING SAVINGS IN THE EFFECTIVE COSTS OF DEBT SERVICE,
DIRECTLY OR THROUGH A DEBT RESTRUCTURING, ALLEVIATING AN
IMPENDING OR ACTUAL DEFAULT, OR RELIEVING THE AUTHORITY
ADMINISTRATION OF CONTRACTUAL AGREEMENTS THAT, IN THE
OPINION OF THE AUTHORITY ADMINISTRATION, HAVE BECOME
UNREASONABLY ONEROUS OR IMPRACTICABLE OR IMPOSSIBLE TO
PERFORM. REFUNDING BONDS MAY BE ISSUED IN ONE OR MORE
SERIES OF BONDS AND IN AN AGGREGATE 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
ADMINISTRATION, REFUNDING BONDS MAY BE MADE PAYABLE FROM
ESCROWED BOND PROCEEDS AND FROM INTEREST, INCOME, AND
PROFITS, IF ANY, ON INVESTMENTS. THESE SOURCES MAY BE
APPLIED IN ADDITION TO OTHER LAWFUL USES AND SHALL
CONSTITUTE REVENUES OF AN ENERGY PROJECT UNDER THIS TITLE
SUBTITLE.

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

(C)  ANY ESCROWED PROCEEDS THAT ARE PENDING THE USE
AUTHORIZED IN THIS SECTION 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 THE TIME OR TIMES THAT ARE
APPROPRIATE TO ASSURE THE PROMPT PAYMENT, AS TO PRINCIPAL,
INTEREST, AND REDEMPTION PREMIUM, IF ANY, OF THE OUTSTANDING
BONDS TO BE REFUNDED. THE INTEREST, INCOME AND PROFITS, IF
ANY, EARNED OR REALIZED ON ANY INVESTMENT ALSO MAY BE
APPLIED TO THE PAYMENT OF THE OUTSTANDING BONDS TO BE
REFUNDED. AFTER THE TERMS OF THE ESCROW HAVE BEEN FULLY
SATISFIED AND CARRIED OUT, ANY BALANCE OF THE PROCEEDS AND