Section 3-208 - Refunding bonds.
§ 3-208. Refunding bonds.
(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.
[An. Code 1957, art. 94A, § 6; 1977, ch. 13, § 2.]