Home Table of Contents

§ 18-204. Bonds--Full faith and credit; liability

West's Annotated Code of MarylandLand UseEffective: October 1, 2012

West's Annotated Code of Maryland
Land Use (Refs & Annos)
Division II. Maryland-National Capital Park and Planning Commission [Titles 14-27] (Refs & Annos)
Title 18. Finances (Refs & Annos)
Subtitle 2. Debt and Securities (Refs & Annos)
Effective: October 1, 2012
MD Code, Land Use, § 18-204
§ 18-204. Bonds--Full faith and credit; liability
Currentness
Full faith and credit
(a) The bonds shall be issued on the full faith and credit of the Commission and the county guaranteeing the bonds.
Use of bond proceeds--Metropolitan district
(b)(1) If the Commission decides to spend the proceeds of a bond issue throughout the metropolitan district, Montgomery County and Prince George's County shall guarantee the payment of principal of and interest on the bonds.
(2) The following guarantee shall be stated on each bond:
“The payment of interest when due and of the principal on maturity is guaranteed by Montgomery and Prince George's counties, Maryland.”.
(3) The county executives of Montgomery County and Prince George's County shall sign the endorsement by manual or facsimile signature on each bond.
(4) If there is any liability under the guarantee, each county's liability shall be in the proportion the assessable basis for that part of the county in the metropolitan district bears to the assessable basis of the whole district.
Use of bond proceeds--Montgomery County
(c)(1) If the proceeds of a bond issue are to be expended only in or for the benefit of a portion of the metropolitan district that is in Montgomery County, Montgomery County shall guarantee the payment of principal of and interest on the bonds.
(2) The following guaranty shall be stated on each bond:
“The payment of interest when due and of the principal on maturity is guaranteed by Montgomery County, Maryland.”.
(3) The County Executive of Montgomery County shall sign the endorsement by manual or facsimile signature on each bond.
Use of bond proceeds--Prince George's County
(d)(1) If the proceeds of a bond issue are to be expended only in or for the benefit of a portion of the metropolitan district that is in Prince George's County, Prince George's County shall guarantee the payment of principal of and interest on the bonds.
(2) The following guaranty shall be endorsed on each bond:
“The payment of interest when due and of the principal on maturity is guaranteed by Prince George's County, Maryland.”.
(3) The County Executive of Prince George's County shall sign the endorsement by manual or facsimile signature on each bond.

Credits

Added by Acts 2012, c. 426, § 2, eff. Oct. 1, 2012.
MD Code, Land Use, § 18-204, MD LAND USE § 18-204
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