Md. Code, Local Government § 21-514
This is the official text of Md. Code, Local Government § 21-514, part of Maryland’s Code, Local Government — governs the powers and operations of Maryland counties and municipalities.
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§21–514.
Official statutory text
(a) Bonds are payable from the special fund required under § 21–506 of this subtitle.
(b) Bonds issued under this subtitle are a special obligation of the county and are not a general obligation debt of the county or a pledge of the county’s full faith and credit or taxing power.
(c) The governing body of a county that issues bonds under this subtitle may:
(1) establish a sinking fund;
(2) establish a debt service reserve fund;
(3) pledge other assets and revenues toward the payment of the principal of and interest on the bonds; or
(4) provide for municipal bond insurance or any other financial guaranty of the bonds.
(b) Bonds issued under this subtitle are a special obligation of the county and are not a general obligation debt of the county or a pledge of the county’s full faith and credit or taxing power.
(c) The governing body of a county that issues bonds under this subtitle may:
(1) establish a sinking fund;
(2) establish a debt service reserve fund;
(3) pledge other assets and revenues toward the payment of the principal of and interest on the bonds; or
(4) provide for municipal bond insurance or any other financial guaranty of the bonds.
Status: in_force · Read it on the official government site
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