1838

LAWS OF MARYLAND

Ch. 173

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and second
sentences of former HE § 9-908(d).

9-936. LIMITATIONS ON ISSUANCE OF ADDITIONAL BONDS.

(A)  INCLUSION IN RESOLUTION OR TRUST AGREEMENT.

IF AN AUTHORITY CONSIDERS IT NECESSARY, THE AUTHORITY MAY
INCLUDE ANY LIMITATION OR RESTRICTION ON THE ISSUANCE OF
ADDITIONAL BONDS:

(1)  IN THE RESOLUTION THAT PROVIDES FOR THE ISSUANCE
OF BONDS OF THE AUTHORITY; OR

(2)  IN ANY TRUST AGREEMENT THAT SECURES THE BONDS.

(B)  ISSUANCE OF ADDITIONAL BONDS.

IF A RESOLUTION OR TRUST AGREEMENT PLACES ANY LIMITATION OR
RESTRICTION ON THE ISSUANCE OF ADDITIONAL BONDS, THE AUTHORITY
SHALL HONOR THE LIMITATION OR RESTRICTION WHEN THE AUTHORITY
ISSUES ADDITIONAL BONDS.

REVISOR'S NOTE: This section is new language derived
without substantive change from former HE § 9-908(e).

In subsection (a) of this section, the reference to
"restriction" on the issuance of additional bonds is
new language added to conform to similar references in
subsection (b) of this section.

9-937. REFUNDING BONDS; JOINT COST AND REFUNDING BONDS.

BY RESOLUTION OF ITS BOARD OF DIRECTORS, AN AUTHORITY MAY
PROVIDE FOR THE ISSUANCE OF:

(1)  REFUNDING BONDS TO REFUND ANY BONDS OF THE
AUTHORITY THAT WERE ISSUED UNDER THIS SUBTITLE AND ARE
OUTSTANDING; OR

(2)  A SINGLE ISSUE OF BONDS TO:

(I)  PAY THE COST OF A PROJECT OR OF THE
IMPROVEMENT, EXTENSION, OR RECONSTRUCTION OF OR ADDITIONS TO A
PROJECT; AND

(II)  REFUND BONDS THAT:

1.  WERE ISSUED UNDER THIS SUBTITLE AND
ARE OUTSTANDING; AND

2.  HAVE MATURED, ARE SUBJECT TO
REDEMPTION, OR CAN BE RETIRED.