§ 12–113
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 12-113 (2026)
Title 12. Local Development Authorities and Resources
Subtitle 1. Economic Development Revenue Bond Act
§ 12–113LinkCopy Citation
(a)
(1)
A bond and the interest on a bond are limited obligations of the public body.
(2)
Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:
(i)
money from the financing of a facility; or
(ii)
other money made available to the public body.
(3)
Bonds and the interest on them:
(i)
are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
(ii)
may not give rise to any pecuniary liability of an issuing public body.
(4)
A bond may state on its face that the bond:
(i)
is issued under this subtitle; and
(ii)
is not a debt to which the public body’s faith and credit is pledged.
(b)
On default in the payment of the principal of or interest on a bond, a court with jurisdiction:
(1)
may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
(2)
shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.