§ 10-120
223 words·~1 min read·
/md/economic-development/10-120A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–120.
(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 governmental unit to impose and collect 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 governmental unit.
(1)A bond:
(i)is not a debt, liability, or a pledge of the full faith and credit of the State or a governmental unit; 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 governmental unit 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 any governmental unit 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 governmental unit is pledged to the payment of the principal of or interest on the bond.