Md. Code, Economic Development § 12-113
This is the official text of Md. Code, Economic Development § 12-113, part of Maryland’s Code, Economic Development — governs the state's economic development programs.
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§12–113.
Official statutory text
(a) (1) A bond and the interest on a bond are limited obligations of the public body.
(2) Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:
(i) money from the financing of a facility; or
(ii) other money made available to the public body.
(3) Bonds and the interest on them:
(i) are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
(ii) may not give rise to any pecuniary liability of an issuing public body.
(4) A bond may state on its face that the bond:
(i) is issued under this subtitle; and
(ii) is not a debt to which the public body’s faith and credit is pledged.
(b) On default in the payment of the principal of or interest on a bond, a court with jurisdiction:
(1) may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
(2) shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.
(2) Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:
(i) money from the financing of a facility; or
(ii) other money made available to the public body.
(3) Bonds and the interest on them:
(i) are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
(ii) may not give rise to any pecuniary liability of an issuing public body.
(4) A bond may state on its face that the bond:
(i) is issued under this subtitle; and
(ii) is not a debt to which the public body’s faith and credit is pledged.
(b) On default in the payment of the principal of or interest on a bond, a court with jurisdiction:
(1) may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
(2) shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.
Status: in_force · Read it on the official government site
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