(a) Bonds are payable from the special fund required under § 21–506 of this subtitle.
(b) Bonds issued under this subtitle are a special obligation of the county and are not a general obligation debt of the county or a pledge of the county’s full faith and credit or taxing power.
(c) The governing body of a county that issues bonds under this subtitle may:
(1) establish a sinking fund;
(2) establish a debt service reserve fund;
(3) pledge other assets and revenues toward the payment of the principal of and interest on the bonds; or
(4) provide for municipal bond insurance or any other financial guaranty of the bonds.
Structure Maryland Statutes
Title 21 - Special Taxing Districts
Subtitle 5 - Districts for Infrastructure Improvements for Selected Counties
Part I - Definitions; General Provisions
Section 21-502 - Application and Construction of Subtitle
Section 21-503 - Authority Granted
Section 21-504 - Purpose of Authority
Section 21-505 - Conditions and Limitations
Section 21-507 - Use of Special Fund When No Bonds Outstanding
Section 21-509 - Termination of Special Taxing District
Section 21-510 - Investment of Special Fund and Sinking Funds
Section 21-511 - Bonds Authorized
Section 21-512 - Conditions of Issuance
Section 21-513 - Bonds Are Securities
Section 21-514 - Payment of Bonds