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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 8. MARYLAND CLEAN ENERGY CENTER |
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PART IV. BONDS |
§ 10-843. Liability; full faith and credit.
Latest version.
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(a) In general. -- A bond:
(1) is not:
(i) a debt or liability of the State or a political subdivision of the State; or
(ii) a pledge of the faith and credit of the State or a political subdivision of the State; and
(2) is payable solely from money available in accordance with this subtitle.
(b) Required statement. -- Each bond shall state on its face that:
(1) the State and its political subdivisions are not obliged to pay the bond or the interest on the bond except from revenues of the project or the portion of the project for which the bond is issued; and
(2) the faith, credit, and taxing power of the State and its political subdivisions are not pledged to pay the principal of or the interest on the bond.
(c) State or political subdivision not obligated to pledge or levy tax. -- The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:
(1) to levy or pledge a tax to pay the bonds; or
(2) to make an appropriation to pay the bonds.
(d) Center authorized to pledge its full faith and credit. -- This section does not prevent the Center from pledging its full faith and credit to pay bonds.