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§ 12-113. Payment of bonds

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 12. Local Development Authorities and Resources (Refs & Annos)
Subtitle 1. Economic Development Revenue Bond Act (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 12-113
§ 12-113. Payment of bonds
Currentness
Bonds payable from revenue
(a)(1) A bond and the interest on a bond are limited obligations of the public body.
(2) Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:
(i) money from the financing of a facility; or
(ii) other money made available to the public body.
(3) Bonds and the interest on them:
(i) are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
(ii) may not give rise to any pecuniary liability of an issuing public body.
(4) A bond may state on its face that the bond:
(i) is issued under this subtitle; and
(ii) is not a debt to which the public body's faith and credit is pledged.
Appointment of receiver
(b) On default in the payment of the principal of or interest on a bond, a court with jurisdiction:
(1) may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
(2) shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 12-113, MD ECON DEV § 12-113
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document