§ 10-332. Refunding bonds -- Application of bond proceeds

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(a) In general. -- The Authority may apply the proceeds of refunding bonds to the purchase, retirement at maturity, or redemption of outstanding bonds on the earliest or a subsequent redemption date for those bonds.

(b) Escrow. -- The Authority may place proceeds of refunding bonds in escrow before applying the proceeds to refund bonds.

HISTORY: An. Code 1957, art. 43C, § 18(b); 2008, ch. 306, § 2.

                    
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