1. (a)

   1. (1) A bond and the interest on a bond are limited obligations of the public body.

   2. (2) Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:

      1. (i) money from the financing of a facility; or
      2. (ii) other money made available to the public body.

   3. (3) Bonds and the interest on them:

      1. (i) are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
      2. (ii) may not give rise to any pecuniary liability of an issuing public body.

   4. (4) A bond may state on its face that the bond:

      1. (i) is issued under this subtitle; and
      2. (ii) is not a debt to which the public body's faith and credit is pledged.

2. (b) On default in the payment of the principal of or interest on a bond, a court with jurisdiction:

   1. (1) may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
   2. (2) shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.