§ 1812. Special purpose bonds and notes. 1. The authority shall have
the power and is hereby authorized to issue at one time or in series
from time to time special purpose bonds in an aggregate principal amount
which shall not at any one time exceed seven hundred fifty million
dollars, excluding special purpose bonds issued to refund outstanding
special purpose bonds, and special purpose notes in anticipation of the
issuance of such special purpose bonds.

2. The authority shall have power from time to time to renew special
purpose notes or to issue renewal notes for such purpose, to issue
special purpose bonds to pay special purpose notes, and whenever it
deems refunding expedient, to refund any special purpose bond by the
issuance of new special purpose bonds, whether the bonds to be refunded
have or have not matured, and may issue special purpose bonds partly to
refund special purpose bonds then outstanding and partly for the
purposes specified in this subtitle. The bonds issued for refunding
purposes shall be sold and the proceeds applied to the purchase,
redemption or payment of the bonds to be refunded.