(a) Bonds authorized by this part are, and shall state, an irrevocable pledge of the full faith and credit and unlimited taxing power of the issuing authority to the payment of the maturing principal of and interest on the bonds as and when the bonds become payable.
(b) The bonds shall be payable first from the stormwater management fund of the issuing authority.
(c) To the extent a stormwater management fund is insufficient to pay the principal, interest, and redemption premium, if any, on the bonds, the issuing authority shall impose ad valorem taxes, unlimited as to rate or amount, on all assessable property in the stormwater management district in an amount sufficient to provide for the payment of the principal, interest, and redemption premium, if any, when due.
Structure Maryland Statutes
Title 21 - Special Taxing Districts
Subtitle 6 - Stormwater Management Districts -- Montgomery and Prince George's Counties
Section 21-611 - Construction of Part
Section 21-612 - Authority to Issue Bonds
Section 21-613 - Requirements for Bonds
Section 21-614 - Exemption From Tax
Section 21-615 - Exemption From Other Public Debt Requirements
Section 21-616 - Pledge of Full Faith and Credit; Payment for Bonds