Section 3-210 - Bond anticipation notes.
§ 3-210. Bond anticipation notes.
(a) Power to issue.- The Department may issue its bond anticipation notes, payable to the bearer or registered holder of the notes out of the first proceeds of the next sale of consolidated transportation bonds.
(b) Discretion to set terms.- The resolution authorizing the issuance of bond anticipation notes may provide for the issuance of these notes in series, as funds are required, and for the renewal of these notes at maturity, with or without resale.
(c) Terms and conditions.- The issuance of bond anticipation notes, the details of their issuance, the rights of their holders, and the rights, duties, and obligations of the Department with respect to them are governed by the provisions of this subtitle relating to the issuance of the bonds in anticipation of the sale of which the notes are issued, insofar as those provisions may be applicable.
[An. Code 1957, art. 94A, § 7; 1977, ch. 13, § 2.]