§ 19-809

Maryland § 19-809

• Jurisdiction: Maryland
• Article glg: Local Government
• Title: 19

Text

(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.