§ 19-809
166 words·~1 min read·
/md/local-government/19-809A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§19–809.
(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.