DEBT—PUBLIC

1353

	11-13. Authority to borrow money.	Refunding of Indebtedness.
	14. Contracts; referendum election. 15. Special assessments.	28-32. Authority to issue refunding bonds
	16-19. Issuance of bonds; methods of	and to provide for retirement of
	payment.	same; proviso.
	20. Purpose to secure benefits of NRA.
	21. Exemptions from sub-title.	Public Security.
	22-24. Constitutionality; how may be
	cited.	33. Negotiability.
	25. Additional powers.	34-36. Sale of; Conditions; terms.
	26-27. Bonds confirmed.

An. Code, 1924, sec. 1. 1912, sec. 1. 1904, sec. 1. 1888, sec. 1. 1834, ch. 279. 1838, ch. 336.
1839, ch. 33. 1846, ch. 238. 1847, ch. 41. 1852, ch. 23. 1853, ch. 360.

1. The interest on the public debt heretofore created by this State
shall be punctually paid at the times and places and at the rates stipulated,
and the same shall be paid as heretofore by the officers and agents whose
duty it is made to pay the same; and the principal of said debts shall be
paid by the treasurer as it falls due, according to the conditions of the
contract by which each debt was incurred.

Limit of Expenditures.

An. Code, 1924, sec. 2. 1912, sec. 50. 1914, ch. 451.

2. An officer or agent of the State or any county, township or municipal
corporation, who is charged or entrusted with the construction, improve-
ment, or keeping in repair of any building or work of any kind, or with
the management or providing for any public institution, shall not make any
contract binding or purporting to bind the State, or any county, township
or any municipal corporation to pay any sum of money not previously
appropriated for the purpose for which such contract is made, and remain-
ing unexpended, and applicable to such purpose,¹ such officer or agent who
willfully or knowingly makes or participates in making a contract without
such appropriation or authority, shall be personally liable thereon, and the
State, county, township or municipal corporation in whose name or behalf
the same was made, shall be not liable thereon.

An. Code, 1924, sec. 3. 1912, sec. 51. 1914, ch. 451.

3. It shall be unlawful for the trustees, managers, directors or superin-
tendent of any of the public institutions of the State of Maryland, to create
a deficiency, incur a liability, or to expend a greater sum of money than is
appropriated by the General Assembly of Maryland for the use of such
public institution or department.

An. Code, 1924, sec. 4. 1912, sec. 52. 1914, ch. 451.

4. Any officer enumerated in section 2 of this Article being found guilty
of willfully or knowingly creating a deficiency, incurring a liability, or
expending a greater sum than is appropriated by the General Assembly of
Maryland for any public institution or department of this State in any one
year, shall be held individually liable for the same, and shall be fined

¹ The punctuation of this line is just as it appears in the act.