2013 Maryland Code
TRANSPORTATION
§ 3-513 - Bonds not debt of State or Department; full faith and credit not pledged; obligation of participating counties


MD Transp Code § 3-513 (2013) What's This?

§3-513.

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

(b) 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) 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) Bonds issued under this subtitle are obligations of the participating counties.

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