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§ 19-809. Payment of bonds

MD Local Gov Code § 19-809 (2019) (N/A)
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(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.

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