§ 3-208. Refunding bonds

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(a) Power to issue. -- The Department from time to time may issue its refunding bonds for refunding any consolidated transportation bonds or bonds of prior issues.

(b) Applicability of other provisions of subtitle. -- The powers granted and limitations imposed in this subtitle as to the issuance of consolidated transportation bonds also apply to the issuance of refunding bonds.

(c) Treasurer to segregate proceeds. -- The State Treasurer shall segregate and set apart the proceeds of the sale of any refunding bonds in a separate trust fund to be used only to pay the purchase or redemption prices of the bonds to be refunded.

HISTORY: An. Code 1957, art. 94A, § 6; 1977, ch. 13, § 2.

                    
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