Section 10-120 - Bonds - Liability; full faith and credit.
§ 10-120. Bonds - Liability; full faith and credit.
(a) Construction of section.-
(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) Liability limitations.-
(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.
[An. Code 1957, art. 83A, § 5-206(c); 2008, ch. 306, § 2.]