{"data":{"id":"us-md/md.-code-economic-development-12-113","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 12–113","heading":"","body":"(a) (1) A bond and the interest on a bond are limited obligations of the public body.\n(2) Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:\n(i) money from the financing of a facility; or\n(ii) other money made available to the public body.\n(3) Bonds and the interest on them:\n(i) are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and\n(ii) may not give rise to any pecuniary liability of an issuing public body.\n(4) A bond may state on its face that the bond:\n(i) is issued under this subtitle; and\n(ii) is not a debt to which the public body’s faith and credit is pledged.\n(b) On default in the payment of the principal of or interest on a bond, a court with jurisdiction:\n(1) may appoint a receiver or take other appropriate action to provide for the payment of the bond; and\n(2) shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=12-113","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"d32ba1d82a2a1411d7ee21b0b91caec6abe8fc511238940c91c37a77fea0b460","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-12-112","next":"us-md/md.-code-economic-development-12-114"},"notice":"GroundRules: Original legal text. Not legal advice."}