Section 12-305 - Security for bonds. - Maryland Statutes

§ 12-305. Security for bonds.
 

(a)  In general.- Except as provided in subsection (b) of this section, the ordinance or resolution described in § 12-303 of this subtitle may provide that a bond may be secured and made payable from any combination of: 

(1) a pledge of the full faith and credit of the political subdivision and payable by taxes of general applicability; 

(2) an increase in real property tax revenues that is attributable to increases in assessed value in designated blighted areas resulting from carrying out the purposes for which the bond is issued; 

(3) revenues of the project or undertaking for which the bond is issued; 

(4) proceeds of bonds; or 

(5) other money that may be legally made available to pay the bond. 

(b)  Baltimore City.- A bond issued by Baltimore City may not be secured under subsection (a)(2) of this section. 
 

[An. Code 1957, art. 41, § 14-803(a)-(c); 2008, ch. 306, § 2.]