§ 21-514. Payment of bonds

   (a) In general. -- Bonds are payable from the special fund required under § 21-506 of this subtitle.

(b) Bonds not general obligation debt. -- Bonds issued under this subtitle are a special obligation of the county and are not a general obligation debt of the county or a pledge of the county's full faith and credit or taxing power.

(c) Sinking fund. -- The governing body of a county that issues bonds under this subtitle may:

   (1) establish a sinking fund;

   (2) establish a debt service reserve fund;

   (3) pledge other assets and revenues toward the payment of the principal of and interest on the bonds; or

   (4) provide for municipal bond insurance or any other financial guaranty of the bonds.

HISTORY: An. Code 1957, art. 24, § 9-1301(e)(1), (2), (q); 2013, ch. 119, § 2.