Current with changes from the 2024 Legislative Session
Section 19-809 - Payment of bonds(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.Revised and recodified by 2013 Md. Laws, Ch. 119,Sec. 2, eff. 10/1/2013.