Section 13-1116 - Bonds payable from receipts of Authority. - Maryland Statutes

§ 13-1116. Bonds payable from receipts of Authority.
 

(a)  In general.- The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation: 

(1) Fees, charges, or other revenues payable to the Authority; 

(2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements; 

(3) Investment earnings from funds or accounts maintained under a bond resolution or trust agreement; 

(4) Proceeds of refunding bonds; and 

(5) Any other source authorized by law. 

(b)  Bonds do not constitute debt.- The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State. 
 

[1996, ch. 601, § 1.]