Current with changes from the 2024 Legislative Session
Section 10-120 - Bonds - Liability; full faith and credit(a)(1) This section does not prevent the Corporation from pledging its full faith and credit to the payment of a bond.(2) This section does not limit the ability of the State or a governmental unit to impose and collect an assessment, rate, fee, or charge to pay to the Corporation any cost, including the principal of and interest on a bond, under an agreement between the Corporation and the State or governmental unit.(b)(1) A bond: (i) is not a debt, liability, or a pledge of the full faith and credit of the State or a governmental unit; and(ii) is payable solely from revenues provided under this subtitle.(2) The issuance of a bond is not directly, indirectly, or contingently a moral or other obligation of the State or a governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.(3) Each bond shall state on its face that:(i) neither the State nor any governmental unit is obliged to pay the principal of or interest on the bond, except from revenues pledged to payment of the bond; and(ii) neither the full faith and credit nor the taxing power of the State or a governmental unit is pledged to the payment of the principal of or interest on the bond.