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§ 19-809. Payment of bonds

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 8. Creation of Public Debt--Financing Residential Mortgages in Cecil County (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-809
Formerly cited as MD CODE, Art. 25, § 11D
§ 19-809. Payment of bonds
Currentness
Limited obligations
(a) A bond issued under this subtitle and the interest on the bond are limited obligations of Cecil County.
Funding sources
(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.
Limited liability of Cecil County
(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.
Statement on bonds
(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.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-809, MD LOCAL GOVT § 19-809
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document