2040

LAWS OF MARYLAND

Ch. 497

THEREFOR AND NOT OTHERWISE PLEDGED, BUT THE OBLIGATION TO
PAY SUCH BONDS AND THE PLEDGE OF SUCH REVENUES SHALL BE
SUBJECT TO ANY AGREEMENTS WITH HOLDERS OF PARTICULAR BONDS
WHICH PLEDGE PARTICULAR REVENUES AND TO ANY OTHER AGREEMENTS
WITH OTHER PERSONS. THE AUTHORITY ADMINISTRATION MAY ISSUE
ITS BONDS WITHOUT OBTAINING THE CONSENT OF ANY BOARD,
AGENCY, DEPARTMENT OR UNIT OF THE STATE, AND WITHOUT ANY
OTHER PROCEEDING OR THE HAPPENING OF ANY CONDITION OR THINGS
OTHER THAN THOSE SPECIFICALLY REQUIRED UNDER THIS TITLE
SUBTITLE; PROVIDED, THAT PRIOR TO THE ISSUANCE OF ANY BONDS
BY THE ADMINISTRATION, THE ADMINISTRATION SHALL NOTIFY THE
STATE BOARD OF PUBLIC WORKS OF ITS INTENTION TO ISSUE THE
BONDS UP TO A STATED AMOUNT AND THE BOARD OF PUBLIC WORKS
MAY COORDINATE THE ISSUANCE OF THE BONDS WITH ANY INTENDED
ISSUANCE OF BONDS OF THE STATE, ITS AGENCIES, AND PUBLIC
INSTRUMENTALITIES.

(2)  THE BONDS ISSUED UNDER THIS TITLE SUBTITLE
DO NOT CONSTITUTE A DEBT, LIABILITY OR A PLEDGE OF THE FAITH
AND CREDIT OF THE STATE OF MARYLAND OR OF ANY POLITICAL
SUBDIVISION OF THE STATE, OTHER THAN OF THE AUTHORITY
ADMINISTRATION, BUT THE BONDS SHALL BE PAYABLE SOLELY FROM
THE FUNDS PROVIDED UNDER THIS TITLE SUBTITLE.

(3)  SUCH BONDS SHALL CONTAIN ON THEIR FACE A
STATEMENT TO THE EFFECT THAT NEITHER THE STATE OF MARYLAND
NOR ANY POLITICAL SUBDIVISION OF MARYLAND OTHER THAN THE
AUTHORITY ADMINISTRATION, SHALL BE OBLIGATED TO PAY THE
BONDS OR THE INTEREST ON THE BONDS EXCEPT FROM REVENUES
PLEDGED TO THE PAYMENT OF SUCH BONDS AND THE INTEREST
THEREON, AND THAT NEITHER THE FAITH AND CREDIT NOR THE
TAXING POWER OF THE STATE OR ANY POLITICAL SUBDIVISION OF
THE STATE IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR
THE INTEREST ON THE BONDS.

(4)  THE ISSUANCE OF BONDS UNDER THE PROVISIONS
OF THIS TITLE SUBTITLE IS NOT DIRECTLY, INDIRECTLY, OR
CONTINGENTLY AN OBLIGATION, MORAL OR OTHERWISE, OF THIS
STATE OR OF ANY POLITICAL SUBDIVISION OF THIS STATE TO LEVY
OR PLEDGE ANY FORM OF TAXATION WHATEVER FOR THE PAYMENT OF
THE BONDS OR THE INTEREST THEREON OR TO MAKE ANY
APPROPRIATION FOR SUCH PAYMENT.

(5)  NOTHING CONTAINED IN THIS SECTION SHALL
PREVENT THE AUTHORITY ADMINISTRATION FROM PLEDGING ITS FULL
FAITH AND CREDIT TO THE PAYMENT OF BONDS AUTHORIZED UNDER
THIS TITLE SUBTITLE.

(6)  HOWEVER, THIS SECTION DOES NOT LIMIT THE
ABILITY OF THIS STATE OR A SUBDIVISION OF THIS STATE TO SET,
IMPOSE, OR COLLECT AN ASSESSMENT, A RATE, FEE, OR CHARGE TO
PAY THE AUTHORITY FOR THE COST OF AN ENERGY PROJECT,
INCLUDING THE PRINCIPAL OF AND INTEREST ON BONDS, UNDER AN
AGREEMENT BETWEEN THE AUTHORITY AND THE STATE OR
SUBDIVISION.