Maryland Statutes
Subtitle 8 - Creation of Public Debt -- Financing Residential Mortgages in Cecil County
Section 19-809 - Payment of Bonds

(a)    A bond issued under this subtitle and the interest on the bond are limited obligations of Cecil County.
    (b)    Cecil County may pay the principal of and interest on a bond issued under this subtitle only from:
        (1)    revenues derived from interest, mortgage insurance proceeds, casualty or special hazard insurance proceeds, other insurance proceeds, or condemnation proceeds; or
        (2)    other revenues derived from or related to loans made under a program.
    (c)    Bonds and interest coupons issued under this subtitle:
        (1)    are not debts or charges against the general credit or taxing powers of Cecil County within the meaning of any constitutional or county code provision or statutory limitation; and
        (2)    do not give rise to any pecuniary liability of the county.
    (d)    On the advice of counsel, Cecil County may state on the face of a bond that the bond:
        (1)    is issued under this subtitle; and
        (2)    is not an indebtedness to which the faith and credit of the county is pledged.

Structure Maryland Statutes