Section 3-513 - Bonds not debt of State or Department; full faith and credit not pledged; obligation of participating counties. - Maryland Statutes

§ 3-513. Bonds not debt of State or Department; full faith and credit not pledged; obligation of participating counties.
 

(a)  Bonds not debt of State or Department.- Bonds issued under this subtitle are not debt of the State or the Department. 

(b)  Full faith and credit not pledged.- Bonds issued under this subtitle are not and may not be considered to constitute a debt or a pledge of the faith and credit of the State of Maryland or the Department. 

(c)  Required statement on face of bond.- All bonds issued under this subtitle shall contain a statement on their face to the effect that: 

(1) Neither the State nor the Department is obligated to pay the principal of or the interest on them; and 

(2) Neither the faith and credit nor the taxing power of the State or the Department is pledged to the payment of the principal of or the interest on them. 

(d)  Obligation of participating counties.- Bonds issued under this subtitle are obligations of the participating counties. 
 

[1993, ch. 539.]