§ 13-1116

Maryland § 13-1116

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 13

Text

(a) The bonds of any issue shall be payable solely from the property or receipts of the Authority, including without limitation:

(1) Fees, charges, or other revenues payable to the Authority;

(2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;

(3) Investment earnings from funds or accounts maintained under a bond resolution or trust agreement;

(4) Proceeds of refunding bonds; and

(5) Any other source authorized by law.

(b) The bonds do not constitute a debt, liability, or pledge of full faith and credit of the State and may not be deemed to constitute a debt, liability, or pledge of the full faith and credit of the State.