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§ 21-618. Stormwater management bonds--Validity

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 21. Special Taxing Districts (Refs & Annos)
Subtitle 6. Stormwater Management Districts--Montgomery and Prince George's Counties (Refs & Annos)
Part III. Bonding Authority (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 21-618
Formerly cited as MD CODE, Art. 24, § 24-308
§ 21-618. Stormwater management bonds--Validity
Currentness
In general
(a) Bonds issued by Montgomery County or Prince George's County to provide money for stormwater management remain valid, binding, and enforceable in accordance with their terms, including any provision for a maturity date beyond June 30, 1990.
Rights and obligations
(b) Notwithstanding the repeal, expiration, or termination after the date of issuance of the bonds of the authority under which the bonds were issued, the rights of the bondholders and the responsibilities and obligations of Montgomery County or Prince George's County with respect to the bonds may not be impaired and shall remain in full force and effect.
Repayment and tax
(c) The responsibility of Montgomery County or Prince George's County includes the responsibility to repay the bonds and to impose taxes for or otherwise guarantee the payment of the bonds.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 21-618, MD LOCAL GOVT § 21-618
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.
End of Document