Section 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.