Md. Code Ann., Transp. § 3-513
Bonds not debt or pledge of faith and credit of State or Department
Added by Acts 1993, c. 539.State of Maryland
- (a) Bonds issued under this subtitle are not debt of the State or the Department.
- (b) Bonds issued under this subtitle are not and may not be considered to constitute a debt or a pledge of the faith and credit of the State of Maryland or the Department.
(c) All bonds issued under this subtitle shall contain a statement on their face to the effect that:
- (1) Neither the State nor the Department is obligated to pay the principal of or the interest on them; and
- (2) Neither the faith and credit nor the taxing power of the State or the Department is pledged to the payment of the principal of or the interest on them.
- (d) Bonds issued under this subtitle are obligations of the participating counties.
Added by Acts 1993, c. 539.