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87
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MARVIN MANDEL, Governor
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these notes are not a pledge of the faith and
credit of the State are deleted as unnecessary
in light of §3-213 of this subtitle.
The only other changes are in style.
3-212. EXEMPTION FROM TAXATION.
THE 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
Art. 94A, §8.
The term "obligation" is substituted for
"indebtedness"; in this regard, see revisor's
note to §3-201 of this subtitle.
The language of present §8 that prohibits
taxing the bonds "within this State" is
deleted as unnecessary and redundant.
The only other changes are in style.
3-213. FULL FAITH AND CREDIT NOT PLEDGED.
THE 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, AS TO BOTH PRINCIPAL AND INTEREST, ONLY FROM THE
PROCEEDS OF THE TAX AND OTHER REVENUES LEVIED, IMPOSED,
PLEDGED, OR MADE AVAILABLE FOR THAT PURPOSE.
REVISOR'S NOTE; This section presently appears as
Art. 94A, §9(d).
The reference to "notes, and other evidences
of obligation" is derived from similar
language in present Art. 94A, §7A — now
§3—211 of this subtitle — and is added here
to conform with the language of §3-201 of this
subtitle; see revisor's note to that section.
The only other changes are in style.
As to use of the phrase "may not be considered
to constitute", it has long been customary in
the drafting of bond enabling acts to use the
phrase "shall not be deemed to constitute".
The substitution here and elsewhere in this
article of the prohibitive phrase "may not" —
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