Current as of December 31, 2021 | Updated by FindLaw Staff
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(a)(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)(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.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-120 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-120.html
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