Section 9-1614 - Payment of bonds; construction of section; loan agreement for wastewater facility. - Maryland Statutes

§ 9-1614. Payment of bonds; construction of section; loan agreement for wastewater facility.
 

(a)  Payment of bonds; construction of section.- The bonds shall not be deemed to constitute a debt, liability, or a pledge of the faith and credit of the State of Maryland or of any political subdivision thereof other than the Administration, but such bonds shall be payable solely from the revenues and funds herein provided therefor. However, this section does not limit the ability of a borrower to set, impose, levy, or collect an assessment, rate, fee, tax or charge to pay to the Administration any amounts required under a loan agreement or loan obligation of the borrower. 

(b)  Loan agreement for wastewater facility.- Notwithstanding any other provision of public general or public local law, charter, or ordinance regulating the creation of public debts or the making of contracts, a local government may enter into a loan agreement with the Administration for the purpose of financing all or a portion of the cost of a wastewater facility or water supply system. The express powers contained and enumerated in Articles 23A, 25A, and 25B of the Annotated Code of Maryland and in the charter of the City of Baltimore are deemed to incorporate and include the power and authority contained in this section. 
 

[1988, ch. 535; 1989, ch. 5, § 1; 1993, ch. 396.]