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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 5. MARYLAND AGRICULTURAL AND RESOURCE-BASED INDUSTRY DEVELOPMENT CORPORATION |
§ 10-514. Bonds -- Liability; full faith and credit
Latest version.
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(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 political subdivision to impose 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 political subdivision.
(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 of any political subdivision; 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 political subdivision 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 a political subdivision, other than the Corporation, 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 political subdivision is pledged to the payment of the principal of or interest on the bond.