Section 12-206 - Payment of bonds. - Maryland Statutes

§ 12-206. Payment of bonds.
 

(a)  In general.- Bonds shall be payable from the special fund established under § 12-208 of this subtitle. 

(b)  Full faith and credit; sinking fund.- The governing body of the political subdivision or the issuer may: 

(1) pledge its full faith and credit or other assets and revenues to pay the bonds; and 

(2) establish a sinking fund or a debt service reserve fund for the bonds. 

(c)  Use of BRAC Revitalization and Incentive Zone benefit.- The assets and revenues pledged under subsection (b)(1) of this section may include any amount that the political subdivision may receive from the State under § 2-222 of the Tax - Property Article. 
 

[An. Code 1957, art. 41, § 14-204; 2008, ch. 306, § 2; ch. 338, § 1.]