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§ 1-1428. Refunding bonds

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2017

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 14. Establishment of Land Bank Authorities (Refs & Annos)
Effective: October 1, 2017
MD Code, Local Government, § 1-1428
Formerly cited as MD LOCAL GOVT § 5-428Formerly cited as MD CODE, Art. 23A, § 79
§ 1-1428. Refunding bonds
Currentness
Issuance
(a)(1) An authority may issue bonds to refund outstanding bonds of the authority, including paying:
(i) any redemption premium;
(ii) interest accrued or to accrue to the date of redemption, purchase, or maturity of the bonds; and
(iii) any part of the cost of acquiring or improving property as part of a project.
(2) Refunding bonds may be issued for any corporate purpose, including:
(i) realizing savings in the effective costs of debt service, directly or through a debt restructuring; or
(ii) alleviating a potential or actual default.
Manner
(b) Refunding bonds issued under this section shall be issued in the same manner and are subject to this subtitle to the same extent as any other bond.
Series and amount
(c) An authority may issue refunding bonds in one or more series in an amount greater than the amount of the bonds to be refunded.

Credits

Added as Local Government § 5-428 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1428 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.
MD Code, Local Government, § 1-1428, MD LOCAL GOVT § 1-1428
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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