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Section 10-514 - Bonds -- Liability; Full Faith and Credit — Maryland Law | CourtGPT
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  8. Section 10-514 - Bonds -- Liability; Full Faith and Credit
Maryland Legal Code
(a) (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 political subdivision to impose 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 political subdivision. (b) (1) A bond: (i) is not a debt, liability, or a pledge of the full faith and credit of the State or of any political subdivision; 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 political subdivision 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 a political subdivision, other than the Corporation, 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 political subdivision is pledged to the

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 political subdivision is pledged to the payment of the principal of or interest on the bond.

Section 10-514 - Bonds -- Liability; Full Faith and Credit

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