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§ 1-1424. Liability; full faith and credit

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2017

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division I. Definitions; General Provisions [Titles 1-3] (Refs & Annos)
Title 1. Definitions; General Provisions (Refs & Annos)
Subtitle 14. Establishment of Land Bank Authorities (Refs & Annos)
Effective: October 1, 2017
MD Code, Local Government, § 1-1424
Formerly cited as MD LOCAL GOVT § 5-424Formerly cited as MD CODE, Art. 23A, § 75
§ 1-1424. Liability; full faith and credit
Currentness
In general
(a) A bond is not:
(1) a debt or liability of the State or a political subdivision of the State; or
(2) a pledge of the full faith and credit of the State or a political subdivision of the State.
Required statement
(b) Each bond shall state on its face that neither the State nor a political subdivision of the State is obliged to pay the principal of or interest on the bond except from revenues pledged to the payment of the bond.
State or political subdivision not obligated to pledge or impose tax
(c) The issuance of bonds does not directly, indirectly, or contingently obligate the State or any political subdivision:
(1) to impose or pledge a tax to pay the bonds; or
(2) to appropriate money to pay the bonds.
Authority authorized to pledge its full faith and credit
(d) This subtitle does not prohibit an authority from pledging its full faith and credit in connection with the issuance of bonds.

Credits

Added as Local Government § 5-424 by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013. Renumbered as Local Government § 1-1424 by Acts 2017, c. 618, § 1, eff. Oct. 1, 2017; Acts 2017, c. 619, § 1, eff. Oct. 1, 2017.
MD Code, Local Government, § 1-1424, MD LOCAL GOVT § 1-1424
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.
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