<?xml version='1.0' encoding='utf-8'?>
<section article="gec" article_name="Economic Development" number="10-514" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="5" subtitle_name="Maryland Agricultural and Resource-Based Industry Development Corporation">
  <level label="a">
    <level label="1">
      <text>This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.</text>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
  </level>
  <level label="b">
    <level label="1">
      <text>A bond:</text>
      <level label="i">
        <text>is not a debt, liability, or a pledge of the full faith and credit of the State or of any political subdivision; and</text>
      </level>
      <level label="ii">
        <text>is payable solely from revenues provided under this subtitle.</text>
      </level>
    </level>
    <level label="2">
      <text>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.</text>
    </level>
    <level label="3">
      <text>Each bond shall state on its face that:</text>
      <level label="i">
        <text>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</text>
      </level>
      <level label="ii">
        <text>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.</text>
      </level>
    </level>
  </level>
</section>
