<?xml version='1.0' encoding='utf-8'?>
<section article="glg" article_name="Local Government" number="1-1424" title_number="1" title_name="Definitions; General Provisions" subtitle_number="14">
  <level label="a">
    <text>A bond is not:</text>
    <level label="1">
      <text>a debt or liability of the State or a political subdivision of the State; or</text>
    </level>
    <level label="2">
      <text>a pledge of the full faith and credit of the State or a political subdivision of the State.</text>
    </level>
  </level>
  <level label="b">
    <text>Each bond shall state on its face that neither the State nor a political subdivision of the State is obliged to pay the principal of or interest on the bond except from revenues pledged to the payment of the bond.</text>
  </level>
  <level label="c">
    <text>The issuance of bonds does not directly, indirectly, or contingently obligate the State or any political subdivision:</text>
    <level label="1">
      <text>to impose or pledge a tax to pay the bonds; or</text>
    </level>
    <level label="2">
      <text>to appropriate money to pay the bonds.</text>
    </level>
  </level>
  <level label="d">
    <text>This subtitle does not prohibit an authority from pledging its full faith and credit in connection with the issuance of bonds.</text>
  </level>
</section>
