§ 13-1116
122 words·~1 min read·
/md/financial-institutions/13-1116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§13–1116.
(a)The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation:
(1)Fees, charges, or other revenues payable to the Authority;
(2)Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;
(3)Investment earnings from funds or accounts maintained under a bond resolution or trust agreement;
(4)Proceeds of refunding bonds; and
(5)Any other source authorized by law.
(b)The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State.