WILLIAM DONALD SCHAEFER, Governor                   Ch. 311

and also as to both principal and interest, and for the
interchange of coupon and registered bonds. Provision may also
be made for the replacement of bonds that become mutilated or are
stolen, lost or destroyed.

(d) Bonds issued under this subtitle shall be exempt from
the provisions of §§ 10 and 11 of Article 31 of the Annotated
Code, and the Administration may sell the bonds in any manner,
either at public or at private sale (negotiated sale), and for
any price that it may determine.

[13-410.] 6-310.

(a)  The Administration may provide for the issuance of its
bonds for the purpose of refunding any bonds of the
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 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
Administration for any 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 Administration of contractual agreements that, in
the opinion of the 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 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 subtitle.

(b)  The proceeds of any bonds issued for the purpose of
refunding outstanding bonds may, in the discretion of the
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
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

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