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130 LAWS OF MARYLAND Ch. 13
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"securities" are deleted as unnecessary in
light of §4-304 of this subtitle.
References to "notes, and other evidences of
obligation" are inserted to conform to the
language of §§4-301 and 4—304 of this
subtitle; in this regard, see revisor's notes
to §§4-301 and 3-201 of this article.
The only other changes are in style.
4-318. EXEMPTION FROM TAXATION.
THE REVENUE BONDS, NOTES, AND OTHER EVIDENCES OF
OBLIGATION ISSUED UNDER THIS SUBTITLE, THEIR TRANSFER,
THE INTEREST PAYABLE ON THEM, AND ANY INCOME DERIVED
FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR SALE
OR EXCHANGE, SHALL BE EXEMPT AT ALL TIMES FROM EVERY
KIND AND NATURE OF TAXATION BY THIS STATE OR BY ANY OF
ITS POLITICAL SUBDIVISIONS, MUNICIPAL CORPORATIONS, OR
PUBLIC AGENCIES OF ANY KIND.
REVISOR'S NOTE: This section presently appears as
the second sentence of Art. 94A, §23.
The language of this section has been revised
without substantive change to conform
generally with the language of §3-212 of this
article; see revisor's note to that section.
The balance of present §23 appears in §§ 4—102
and 4-207 of this title.
4-319. FULL FAITH AND CREDIT NOT PLEDGED.
(A) IN GENERAL.
THE REVENUE BONDS, NOTES, AND OTHER EVIDENCES OF
OBLIGATION ISSUED UNDER THIS SUBTITLE ARE NOT AND MAY
NOT BE CONSIDERED TO CONSTITUTE A DEBT OR A PLEDGE OF
THE FAITH AND CREDIT OF THE STATE OF MARYLAND, BUT SHALL
BE PAYABLE ONLY FROM THE FUNDS FROM REVENUES PROVIDED
BY THIS SUBTITLE FOR THAT PURPOSE.
(B) REQUIRED STATEMENT.
ALL REVENUE BONDS, NOTES, AND OTHER EVIDENCES OF
OBLIGATION ISSUED UNDER THIS SUBTITLE SHALL CONTAIN A
STATEMENT ON THEIR FACE TO THE EFFECT THAT:
(1) THIS STATE IS NOT OBLIGATED TO PAY THE
PRINCIPAL OF OR THE INTEREST ON THEM EXCEPT FROM
REVENUES; AND
(2) NEITHER THE FAITH AND CREDIT NOR THE
TAXING POWER OF THIS STATE IS PLEDGED TO THE PAYMENT OF
THE PRINCIPAL OF OR THE INTEREST ON THEM.
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