# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 3. Maryland Health and Higher Educational Facilities Authority

#### Section 10-332

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

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)