§ 19–809
Statutes in effect as of October 1, 2026.
Md. Code Ann., Local Gov't § 19-809 (2026)
Title 19. Public Debt
Subtitle 8. Creation of Public Debt -- Financing Residential Mortgages in Cecil County
§ 19–809LinkCopy Citation
(a)
A bond issued under this subtitle and the interest on the bond are limited obligations of Cecil County.
(b)
Cecil County may pay the principal of and interest on a bond issued under this subtitle only from:
(1)
revenues derived from interest, mortgage insurance proceeds, casualty or special hazard insurance proceeds, other insurance proceeds, or condemnation proceeds; or
(2)
other revenues derived from or related to loans made under a program.
(c)
Bonds and interest coupons issued under this subtitle:
(1)
are not debts or charges against the general credit or taxing powers of Cecil County within the meaning of any constitutional or county code provision or statutory limitation; and
(2)
do not give rise to any pecuniary liability of the county.
(d)
On the advice of counsel, Cecil County may state on the face of a bond that the bond:
(1)
is issued under this subtitle; and
(2)
is not an indebtedness to which the faith and credit of the county is pledged.