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<section article="gec" article_name="Economic Development" number="12-113" title_number="12" title_name="Local Development Authorities and Resources" subtitle_number="1" subtitle_name="Economic Development Revenue Bond Act">
  <level label="a">
    <level label="1">
      <text>A bond and the interest on a bond are limited obligations of the public body.</text>
    </level>
    <level label="2">
      <text>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:</text>
      <level label="i">
        <text>money from the financing of a facility; or</text>
      </level>
      <level label="ii">
        <text>other money made available to the public body.</text>
      </level>
    </level>
    <level label="3">
      <text>Bonds and the interest on them:</text>
      <level label="i">
        <text>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</text>
      </level>
      <level label="ii">
        <text>may not give rise to any pecuniary liability of an issuing public body.</text>
      </level>
    </level>
    <level label="4">
      <text>A bond may state on its face that the bond:</text>
      <level label="i">
        <text>is issued under this subtitle; and</text>
      </level>
      <level label="ii">
        <text>is not a debt to which the public body’s faith and credit is pledged.</text>
      </level>
    </level>
  </level>
  <level label="b">
    <text>On default in the payment of the principal of or interest on a bond, a court with jurisdiction:</text>
    <level label="1">
      <text>may appoint a receiver or take other appropriate action to provide for the payment of the bond; and</text>
    </level>
    <level label="2">
      <text>shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.</text>
    </level>
  </level>
</section>
