§ 19-809. Payment of bonds

   (a) Limited obligations. -- A bond issued under this subtitle and the interest on the bond are limited obligations of Cecil County.

(b) Funding sources. -- Cecil County may pay the principal of and interest on a bond issued under this subtitle only from:

   (1) revenues derived from interest, mortgage insurance proceeds, casualty or special hazard insurance proceeds, other insurance proceeds, or condemnation proceeds; or

   (2) other revenues derived from or related to loans made under a program.

(c) Limited liability of Cecil County. -- Bonds and interest coupons issued under this subtitle:

   (1) are not debts or charges against the general credit or taxing powers of Cecil County within the meaning of any constitutional or county code provision or statutory limitation; and

   (2) do not give rise to any pecuniary liability of the county.

(d) Statement on bonds. -- On the advice of counsel, Cecil County may state on the face of a bond that the bond:

   (1) is issued under this subtitle; and

   (2) is not an indebtedness to which the faith and credit of the county is pledged.

HISTORY: An. Code 1957, art. 25, § 11D(f)(4); 2013, ch. 119, § 2.