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§ 3-513. Bonds not debt or pledge of faith and credit of State or Department

West's Annotated Code of MarylandTransportation

West's Annotated Code of Maryland
Transportation
Title 3. Financing by Department (Refs & Annos)
Subtitle 5. County Transportation Revenue Bonds (Refs & Annos)
MD Code, Transportation, § 3-513
§ 3-513. Bonds not debt or pledge of faith and credit of State or Department
Currentness
Bonds not debt of State or Department
(a) Bonds issued under this subtitle are not debt of the State or the Department.
Bonds not a pledge of faith and credit of State or Department
(b) Bonds issued under this subtitle are not and may not be considered to constitute a debt or a pledge of the faith and credit of the State of Maryland or the Department.
Statement requirement
(c) All bonds issued under this subtitle shall contain a statement on their face to the effect that:
(1) Neither the State nor the Department is obligated to pay the principal of or the interest on them; and
(2) Neither the faith and credit nor the taxing power of the State or the Department is pledged to the payment of the principal of or the interest on them.
Bonds obligations of counties
(d) Bonds issued under this subtitle are obligations of the participating counties.

Credits

Added by Acts 1993, c. 539.
MD Code, Transportation, § 3-513, MD TRANS § 3-513
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.
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