Maryland Debt - Public Section 2D

      (a)      A present or future provision of the charter of Prince George's County or of Anne Arundel County that requires or has the effect of requiring that such county pledge its unlimited taxing powers, either as to the rate or amount, for the repayment of its indebtedness, shall not be given effect if any other provision of the charter of that county adopted after the provision thereof requiring such pledge is inconsistent with such pledge.

      (b)      For the purpose of providing security for the payment of the principal of and interest on borrowings by Prince George's County or by Anne Arundel County, the borrowing county, by charter provision or by legislative act, (1) may provide for the creation of sinking funds, debt service funds, debt service reserve funds, or other trust funds, including funds held by a corporate trustee, pledged for such payments, (2) may provide that, in the event that sufficient funds for the timely payment of said principal and interest when due are not available or in the event of a default in the payment of said principal or interest, the first general fund revenues of that county received thereafter shall be applied to the payment thereof in amounts sufficient to make such payment when due or to cure such default as the case may be, and (3) may pledge any of its revenues to the payment of said principal and interest to the extent provided by said charter provision or legislative act.

      (c)      No charter provision of Prince George's County or Anne Arundel County shall impair or be construed to impair the obligation of such county to levy and collect taxes to provide for the payment when due of principal of and interest on bonds of such county, or bonds guaranteed by such county, to which that county has pledged its unlimited taxing power, and which are outstanding on the effective date of such charter provision.

      (d)      The provisions of subsection (a) of this section shall apply to all bonds issued by Prince George's County or by Anne Arundel County prior to June 30, 1981.