(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
(2) is payable solely from money available in accordance with this subtitle.
(b) 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) 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) This section does not prevent the Center from pledging its full faith and credit
to pay bonds.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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