Maryland Statutes
Part III - Bonds
Section 10-326 - Liability; Full Faith and Credit

(a)    A bond:
        (1)    is not a debt, liability, or 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)    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 Authority or a participating institution from pledging its full faith and credit to pay bonds.

Structure Maryland Statutes