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<section article="glg" article_name="Local Government" number="19-809" title_number="19" title_name="Public Debt" subtitle_number="8" subtitle_name="Creation of Public Debt -- Financing Residential Mortgages in Cecil County">
  <level label="a">
    <text>A bond issued under this subtitle and the interest on the bond are limited obligations of Cecil County.</text>
  </level>
  <level label="b">
    <text>Cecil County may pay the principal of and interest on a bond issued under this subtitle only from:</text>
    <level label="1">
      <text>revenues derived from interest, mortgage insurance proceeds, casualty or special hazard insurance proceeds, other insurance proceeds, or condemnation proceeds; or</text>
    </level>
    <level label="2">
      <text>other revenues derived from or related to loans made under a program.</text>
    </level>
  </level>
  <level label="c">
    <text>Bonds and interest coupons issued under this subtitle:</text>
    <level label="1">
      <text>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</text>
    </level>
    <level label="2">
      <text>do not give rise to any pecuniary liability of the county.</text>
    </level>
  </level>
  <level label="d">
    <text>On the advice of counsel, Cecil County may state on the face of a bond that the bond:</text>
    <level label="1">
      <text>is issued under this subtitle; and</text>
    </level>
    <level label="2">
      <text>is not an indebtedness to which the faith and credit of the county is pledged.</text>
    </level>
  </level>
</section>
