 |
Unannotated Code of Maryland (Last Updated: May 16, 2014) |
 |
ECONOMIC DEVELOPMENT |
|
DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
|
TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
|
SUBTITLE 1. MARYLAND ECONOMIC DEVELOPMENT CORPORATION |
§ 10-120. Bonds -- Liability; full faith and credit
Latest version.
-
(a) Construction of section. --
(1) This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.
(2) This section does not limit the ability of the State or a governmental unit to impose and collect an assessment, rate, fee, or charge to pay to the Corporation any cost, including the principal of and interest on a bond, under an agreement between the Corporation and the State or governmental unit.
(b) Liability limitations. --
(1) A bond:
(i) is not a debt, liability, or a pledge of the full faith and credit of the State or a governmental unit; and
(ii) is payable solely from revenues provided under this subtitle.
(2) The issuance of a bond is not directly, indirectly, or contingently a moral or other obligation of the State or a governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3) Each bond shall state on its face that:
(i) neither the State nor any governmental unit is obliged to pay the principal of or interest on the bond, except from revenues pledged to payment of the bond; and
(ii) neither the full faith and credit nor the taxing power of the State or a governmental unit is pledged to the payment of the principal of or interest on the bond.