Maryland Financial Institutions Section 13-1116

Article - Financial Institutions

§ 13-1116.

      (a)      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)      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.



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