HARRY HUGHES, Governor

1043

(IV) IS ISSUED UNDER ANY OTHER PLAN TO REFUND
OR REFINANCE IN EXCHANGE, BOND FOR BOND, AN OUTSTANDING MATURING
DEBT, OTHER THAN:

1.  A CURRENT OR FLOATING DEBT; OR

2.  A BOND UNDER ITEM (I) OF THIS
PARAGRAPH.

(2)  THIS SECTION DOES NOT APPLY TO BOND OR GRANT
ANTICIPATION NOTES ISSUED UNDER PART III OF THIS SUBTITLE.

(3)  THIS SECTION DOES NOT APPLY TO BONDS ISSUED UNDER
AN ENABLING ACT THAT SPECIFICALLY STATES THAT THIS SECTION DOES
NOT APPLY OR THAT PROVIDES A DIFFERENT METHOD FOR ESTABLISHING
THE MATURITY OF THE BONDS.

(B)  SERIAL MATURITY REQUIRED.

(1)  A STATE UNIT SHALL ISSUE BONDS ON A SERIAL
MATURITY PLAN.

(2)  THE STATE UNIT MAY:

(I)  VARY THE AMOUNTS OF THE SERIES; AND

(II)  PROVIDE FOR THE MATURITY OF A SERIES IN
CONSECUTIVE ANNUAL INSTALLMENTS OR AT LONGER INTERVALS.

(C)  MAXIMUM MATURITY.

(1)  THE MATURITY DATE OF THE FINAL SERIES SHALL BE
BASED ON THE PURPOSE FOR WHICH THE BONDS ARE ISSUED:

(I)  WITHIN THE TIME LIMIT THAT APPLIES UNDER
THE SCHEDULE IN PARAGRAPH (2) OF THIS SUBSECTION; OR

(II)  IF MORE THAN 1 TIME LIMIT APPLIES, WITHIN
THE SHORTEST APPLICABLE TIME LIMIT.

(2)  THE SCHEDULE OF MATURITY DATES IS AS FOLLOWS:

LIMIT ON
PURPOSE OF ISSUE                                                                  MATURITY OF ISSUE

PAVING EXISTING HIGHWAYS OR STREETS ............... 10 YEARS

AIRPORTS AND BUILDINGS CONSTRUCTED OR TO BE

CONSTRUCTED ON AIRPORTS ........................... 15 YEARS

HIGHWAY CONSTRUCTION .............................. 20 YEARS

ELECTRIC LIGHT AND POWER SYSTEMS....................

25 YEARS