Home Table of Contents

§ 4-319. Bonds and notes not debt or pledge of full faith and credit

West's Annotated Code of MarylandTransportation

West's Annotated Code of Maryland
Transportation
Title 4. Revenue Facilities (Refs & Annos)
Subtitle 3. Financing of Projects (Refs & Annos)
MD Code, Transportation, § 4-319
§ 4-319. Bonds and notes not debt or pledge of full faith and credit
Currentness
In general
(a) The revenue bonds, notes, and other evidences of obligation 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, but shall be payable only from the funds from or revenues provided by this subtitle for that purpose.
Necessary statements
(b) All revenue bonds, notes, and other evidences of obligation issued under this subtitle shall contain a statement on their face to the effect that:
(1) This State is not obligated to pay the principal of or the interest on them except from revenues; and
(2) Neither the faith and credit nor the taxing power of this State is pledged to the payment of the principal of or the interest on them.

Credits

Added by Acts 1977, c. 13, § 2, eff. July 1, 1977. Amended by Acts 1999, c. 34, § 1, eff. April 13, 1999.
Formerly Art. 94A, § 22.
MD Code, Transportation, § 4-319, MD TRANS § 4-319
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