Maryland Statutes
Subtitle 5 - Maryland Agricultural and Resource-Based Industry Development Corporation
Section 10-514 - Bonds -- Liability; Full Faith and Credit

(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 political subdivision to impose 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 political subdivision.
    (b)    (1)    A bond:
            (i)    is not a debt, liability, or a pledge of the full faith and credit of the State or of any political subdivision; 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 political subdivision 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 a political subdivision, other than the Corporation, 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 political subdivision is pledged to the payment of the principal of or interest on the bond.

Structure Maryland Statutes