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PARRIS N. GLENDENING, Governor
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Ch. 601
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limitation, the public purposes of realizing savings in the effective costs of debt
service, directly or through a debt restructuring, or alleviating an impending or actual
default. Refunding bonds may be issued in an amount in excess of that of the bonds to
be refunded.
(b) For the purposes of determining whether refunding bonds issued under
this section are within the debt limitation specified in [Section 15-16] § 14-602 of this
subtitle, the amount of bonds or other obligations to be refunded shall be subtracted
from, and the amount of refunding bonds to be issued shall be added to, the aggregate
of the County's outstanding bonds under this [subtitle] TITLE.
[15-18.] 14-605. Temporary bonds.
Prior to the preparation of the definitive bonds authorized to be issued by
[Sections 15-16, 15-17 and 15-17A] §§ 14-602 THROUGH 14-604 of this subtitle, the
County may, under like restrictions, issue interim receipts or temporary bonds, with
or without coupons, exchangeable for definitive bonds, when such definitive bonds
have been executed and are available for delivery. In addition, the County may, in
anticipation of the issuance of any [such] bonds, issue bond anticipation notes
pursuant to the authority of, and in the manner prescribed by, Section 12 of Article 31
of the Annotated Code of Maryland [(1957 Edition, as amended and supplemented
from time to time)]. With respect to [any such] THE bonds, coupons, temporary
bonds, receipts or bond anticipation notes, which have matured, been exchanged or
redeemed, the Board shall make arrangements for the mutilation and cremation of
[any such] THE instruments after an appropriate accounting [therefor]. The Board
may also provide for the replacement of [any such] THE instruments which shall
become mutilated or be destroyed or lost, upon receipt of [such] THE indemnification,
and the payment of the expenses of replacement as the Board, in its discretion, may
deem proper or requisite. Bonds may be issued under the provisions of this [subtitle]
TITLE without obtaining the approval or consent of any division, commission, board,
bureau or agency of the State of Maryland and without any other proceeding or the
happening of any other condition or thing than those proceedings, conditions or things
which are specifically required by this [subtitle] TITLE. In the event the Board shall
determine to sell any bonds of the County authorized by this [subtitle] TITLE at
public sale, it shall comply with the provisions of Section 10 of Article 31 of the
Annotated Code of Maryland [(1957 Edition, as amended and supplemented from
time to time)], but in all other respects the provisions of Sections 9 to 11, inclusive, of
[said] Article 31 OF THE ANNOTATED CODE OF MARYLAND shall not apply to bonds
issued under this [subtitle] TITLE. If the Board shall provide for the execution of any
[such] bonds in facsimile, it shall comply with the provisions of [Sections 13 to 18,
inclusive, of said Article] 2-301 THROUGH 2-306 OF THE STATE FINANCE AND
PROCUREMENT ARTICLE OF THE ANNOTATED CODE OF MARYLAND. All bond
proceeds, as well as all money held in sinking or reserve funds in the name of the
County shall be invested by the Board in the manner prescribed by Section 22 of
Article 95 of the Annotated Code of Maryland [(1957 Edition, as amended and
supplemented from time to time)].
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- 3185 -
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