Md. Code, Local Government § 19–509

(a) Except as provided in subsection (b) of this section, each bond issued in

accordance with this subtitle is a pledge of the full faith and credit of the county to

the prompt payment, from the revenues described in the public local law authorizing

the bond, of the principal of and interest on the bond when due.

(b) A revenue bond issued in accordance with this subtitle is not a debt of

the county to which its faith and credit or taxing power is pledged.

(c) (1) If at the time bonds are issued there is no statutory limit on the

power of the county to impose property taxes, the pledge under subsection (a) of this

section is a covenant by the county to impose ad valorem taxes:

(i) on all real and tangible personal property in the county

that is subject to assessment for unlimited county taxation; and

(ii) at a rate and in an amount sufficient to pay the principal

of and the interest on the bonds in each year in which any of the bonds are

outstanding.

(2) If at the time bonds are issued there is a statutory limit on the

power of the county to impose property taxes, the pledge under subsection (a) of this

section is a covenant by the county to impose the ad valorem taxes described in

paragraph (1) of this subsection within the limits imposed by law.

(d) A statute that establishes a maximum limit on the rate at which a

county may impose property taxes, or that removes an existing limit, enacted after

bonds are issued by the county does not affect the covenants of the county under

subsection (c) of this section with respect to bonds outstanding on the effective date

of the statute.

(e) (1) A county may not issue a bond under this subtitle if, by its

issuance, a statutory maximum limit imposed by statute on the power of the county

to incur debt will be exceeded.

(2) A statutory maximum limit imposed after a bond is issued does

not affect the county’s obligation on the bond.

(3) The obligation of a county on an outstanding bond is not affected

by the issuance of a bond in accordance with an increase in the statutory maximum

limit on the power of the county to incur debt, or the removal of an existing maximum

limit, enacted after the outstanding bond is issued.

(f) (1) In addition to the pledge of its full faith and credit and taxing

power to pay the principal of and interest on bonds, a county may secure the payment

by the pledge of any other revenues, including:

(i) payments to the county from the State or federal

government; and

(ii) special benefit assessments, taxes, fees, or service charges.

(2) To the extent that the additional revenues are sufficient in any

year to pay the principal of and interest on the bonds to which they are pledged, the

county is not obligated in that year to impose property taxes also pledged to pay the

bonds.

(3) If the additional revenues are sufficient in any year to pay the

principal of and interest on the bonds to which they are pledged, the failure of the

county to impose property taxes pledged to pay the bonds in that year is not a breach

of any payment of the principal of and interest on the bonds.