§ 10–514
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 10-514 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–514LinkCopy Citation
(a)
(1)
This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.
(2)
This section does not limit the ability of the State or a political subdivision to impose an assessment, rate, fee, or charge to pay to the Corporation any cost, including the principal of and interest on a bond, under an agreement between the Corporation and the State or political subdivision.
(b)
(1)
A bond:
(i)
is not a debt, liability, or a pledge of the full faith and credit of the State or of any political subdivision; and
(ii)
is payable solely from revenues provided under this subtitle.
(2)
The issuance of a bond is not directly, indirectly, or contingently a moral or other obligation of the State or a political subdivision to levy or pledge any tax or to make an appropriation to pay the bond.
(3)
Each bond shall state on its face that:
(i)
neither the State nor a political subdivision, other than the Corporation, is obliged to pay the principal of or interest on the bond, except from revenues pledged to payment of the bond; and
(ii)
neither the full faith and credit nor the taxing power of the State or a political subdivision is pledged to the payment of the principal of or interest on the bond.