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§ 9-930. State, political subdivisions not obligated

West's Annotated Code of MarylandEnvironment

West's Annotated Code of Maryland
Environment
Title 9. Water, Ice, & Sanitary Facilities (Refs & Annos)
Subtitle 9. Water and Sewer Authorities
Part IV. Bonds of Authorities
MD Code, Environment, § 9-930
§ 9-930. State, political subdivisions not obligated
Currentness
Limitations on bond
(a) A bond issued under this subtitle:
(1) Is not a pledge of the faith and credit of this State or any of its political subdivisions; and
(2) Shall say on its face that neither the faith and credit of this State nor the faith and credit of any of its political subdivisions is pledged to the payment of the principal of or interest on the bond.
issuance of bond does not obligate State
(b) The issuance of a bond under this subtitle does not obligate this State or any of its political subdivisions directly, indirectly, or contingently:
(1) To levy any tax; or
(2) To make any appropriation for payment of the bonds, except from funds pledged in accordance with this subtitle.

Credits

Added by Acts 1985, c. 173, § 2.
MD Code, Environment, § 9-930, MD ENVIR § 9-930
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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