§ 19-207. Refunding bonds
West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013
Effective: October 1, 2013
MD Code, Local Government, § 19-207
Formerly cited as MD CODE, Art. 31, § 24
§ 19-207. Refunding bonds
(a) This section applies only to the following governmental entities:
(b)(1) Subject to the limitations in this section, a governmental entity authorized to issue bonds may issue new bonds to refund its outstanding bonds.
(c)(1) The power to issue bonds under this section is in addition to any other power to borrow.
(2) If bonds to be refunded are secured as unconditional general obligations with a pledge of the full faith and credit and unlimited taxing power of the governmental entity, the governmental entity may secure an issue of refunding bonds as unconditional general obligations with a pledge of the full faith and credit and unlimited taxing power of the governmental entity in the same manner and, with respect to the application of any public general and public local law and otherwise, with the same force and effect as the original pledge.
(d) A governmental entity may issue bonds under this section only for the public purpose of:
(e) A governmental entity may:
(f)(1) The total principal amount of the bonds issued under this section may exceed the total principal amount of the bonds that are being refunded.
(g)(1) Except as provided in paragraphs (2) and (3) of this subsection, a governmental entity shall issue bonds under this section in accordance with the procedures that applied to issuance of the bonds that are being refunded.
(3) Baltimore City may issue bonds to the extent authorized by the Maryland Constitution, to refund obligations previously issued in accordance with the procedures set forth in Article XI, § 7 of the Maryland Constitution without repeating or further complying with those procedures in the issuance of the refunding bonds.
(h) Bonds that are being refunded and that are subject to redemption before their stated dates of maturity may be called for redemption:
(i)(1) A governmental entity shall invest and apply proceeds of a sale of bonds issued under this section to ensure that the principal and redemption premium of, and interest on, the bonds that are being refunded will be paid in full when due.
Credits
Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-207, MD LOCAL GOVT § 19-207
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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