3196

LAWS OF MARYLAND

Ch. 871

14. 3-714.

BONDS ARE HEREBY MADE SECURITIES IN WHICH ALL PUBLIC
OFFICERS AND PUBLIC BODIES OF THE STATE OF MARYLAND AND ITS
POLITICAL SUBDIVISIONS AND ALL BANKS, TRUST COMPANIES,
SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES AND
OTHERS CARRYING ON A BANKING BUSINESS, ALL INSURANCE
COMPANIES AND INSURANCE ASSOCIATIONS AND OTHERS CARRYING ON
AN INSURANCE BUSINESS, ALL PERSONAL REPRESENTATIVES,
EXECUTORS, ADMINISTRATORS, GUARDIANS, TRUSTEES AND OTHER
FIDUCIARIES, AND ALL OTHER PERSONS MAY LEGALLY AND PROPERLY
INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL OR
BELONGING TO THEM. SUCH BONDS ARE HEREBY MADE SECURITIES
WHICH MAY PROPERLY AND LEGALLY BE DEPOSITED WITH AND
RECEIVED BY AN STATE OR MUNICIPAL OFFICER OR ANY AGENCY OR
POLITICAL SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH
THE DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF THE STATE IS
NOW OR MAY HEREAFTER BE AUTHORIZED BY LAW.

15. 3-715.

THE BONDS SHALL NOT BE DEEMED TO CONSTITUTE A DEBT,
LIABILITY OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE
OF MARYLAND OR OF ANY POLITICAL SUBDIVISION THEREOF OTHER
THAN THE AUTHORITY, BUT SUCH BONDS SHALL BE PAYABLE SOLELY
FROM THE FUNDS HEREIN PROVIDED THEREFOR. ALL SUCH BONDS
SHALL CONTAIN ON THE FACE THEREOF A STATEMENT TO THE EFFECT
THAT NEITHER THE STATE OF MARYLAND NOR ANY POLITICAL
SUBDIVISION THEREOF OTHER THAN THE AUTHORITY SHALL BE
OBLIGATED TO PAY THE SAME OR THE INTEREST THEREON EXCEPT
FROM REVENUES PLEDGED THERETO AND THAT NEITHER THE FAITH AND
CREDIT NOR THE TAXING POWER OF THE STATE OR ANY POLITICAL
SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE
PRINCIPAL OF OR THE INTEREST ON SUCH BONDS. THE ISSUANCE OF
BONDS UNDER THE PROVISIONS OF THIS ARTICLE SHALL SUBTITLE IS
NOT DIRECTLY OR INDIRECTLY OR CONTINGENTLY OBLIGATE AN
OBLIGATION, MORAL OR OTHER, OF THE STATE OF MARYLAND OR ANY
POLITICAL SUBDIVISION THEREOF TO LEVY OR PLEDGE ANY FORM OF
TAXATION WHATEVER THEREFOR OR TO MAKE ANY APPROPRIATION FOR
THEIR PAYMENT. NOTHING CONTAINED IN THIS SECTION SHALL
PREVENT THE AUTHORITY FROM PLEDGING ITS FULL FAITH AND
CREDIT TO THE PAYMENT OF BONDS AUTHORIZED PURSUANT TO THIS
ARTICLE. HOWEVER, THIS SUBSECTION SECTION DOES NOT LIMIT
THE ABILITY OF THE STATE OR A SUBDIVISION TO SET, IMPOSE, OR
COLLECT AN ASSESSMENT, RATE, FEE, OR CHARGE TO PAY TO THE
AUTHORITY THE COST OF A PROJECT, INCLUDING THE PRINCIPAL OF
AND INTEREST ON A BOND OR NOTE, UNDER AN AGREEMENT BETWEEN
THE AUTHORITY AND THE STATE OR SUBDIVISION.

NOTWITHSTANDING ANY LIMITATIONS OR OTHER PROVISIONS TO
THE CONTRARY OF ARTICLE 23A, 25A, OR 25B OF THE ANNOTATED
CODE OF MARYLAND, OR OF ANY CHARTER OR LOCAL LAW REGULATING
THE CREATION OF PUBLIC DEBTS, A SUBDIVISION MAY ENTER INTO
CONTRACTS WITH THE AUTHORITY FOR THE PURPOSE OF DEFRAYING
THE AUTHORITY'S COSTS OF ACQUIRING, CONSTRUCTING, OPERATING,
OR PROVIDING A PROJECT, WHICH COSTS MAY INCLUDE DEBT SERVICE
REQUIREMENTS OF THE AUTHORITY RELATING TO THAT PROJECT.