Section 9-930 - Bonds not pledge of faith and credit of State or political subdivision. - Maryland Statutes

§ 9-930. Bonds not pledge of faith and credit of State or political subdivision.
 

(a)  In general.- A bond issued under this subtitle: 

(1) Is not a pledge of the faith and credit of this State or any of its political subdivisions; and 

(2) Shall say on its face that neither the faith and credit of this State nor the faith and credit of any of its political subdivisions is pledged to the payment of the principal of or interest on the bond. 

(b)  Bonds not obligation to tax or make appropriations.- The issuance of a bond under this subtitle does not obligate this State or any of its political subdivisions directly, indirectly, or contingently: 

(1) To levy any tax; or 

(2) To make any appropriation for payment of the bonds, except from funds pledged in accordance with this subtitle. 
 

[1985, ch. 173, § 2.]