By resolution of its board of directors, an authority may provide for the issuance of: (1) Refunding bonds to refund any bonds of the authority that were issued under this subtitle and are outstanding; or (2) A single issue of bonds to: (i) Pay the cost of a project or of the improvement, extension, or reconstruction of or additions to a project; and (ii) Refund bonds that: 1. Were issued under this subtitle and are outstanding; and 2. Have matured, are subject to redemption, or can be retired.
Maryland Legal Code