2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 12-305 - Security for bonds
§12-305.
(a) Except as provided in subsection (b) of this section, the ordinance or resolution described in § 12-303 of this subtitle may provide that a bond may be secured and made payable from any combination of:
(1) a pledge of the full faith and credit of the political subdivision and payable by taxes of general applicability;
(2) an increase in real property tax revenues that is attributable to increases in assessed value in designated blighted areas resulting from carrying out the purposes for which the bond is issued;
(3) revenues of the project or undertaking for which the bond is issued;
(4) proceeds of bonds; or
(5) other money that may be legally made available to pay the bond.
(b) A bond issued by Baltimore City may not be secured under subsection (a)(2) of this section.
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
