HARRY HUGHES, Governor

2383

NOTWITHSTANDING THAT:

(I) AT THE TIME OF DELIVERY OF OR PAYMENT
FOR THE BOND, ANY OR ALL OF THE SIGNERS ARE NO LONGER
OFFICERS OF THE MUNICIPALITY; OR

(II) ANY PROCEEDING THAT RELATES TO THE
DEVELOPMENT OF THE SEWERAGE FACILITY FOR WHICH THE BOND IS
ISSUED IS INVALID OR IRREGULAR.

(2) A SIGNATURE MAY BE BY FACSIMILE AS PROVIDED
IN ARTICLE 31, § 14 OF THE CODE.

(B) RECITAL.

A RECITAL IN THE BOND THAT THE BOND IS ISSUED UNDER
THIS SUBTITLE IS CONCLUSIVE EVIDENCE OF:

(1) THE VALIDITY OF THE BOND; AND

(2) THE REGULARITY OF THE ISSUANCE OF THE BOND.

REVISOR'S NOTE: This section is new language derived
without substantive change from the first and
second sentences and the last clause of the third
sentence of former Article 43, § 433.

In subsection (a)(l)(ii) of this section, the
defined term "development" is substituted for
"planning, acquisition, purchase, construction,
reconstruction, improvement, betterment or
extension", for conciseness.

Subsection (a)(2) of this section is new language
added to conform to actual practice. See also FI
§ 13-149(c)(2).

9-810. PAYMENT OF BONDS AND INTEREST.

(A) PLEDGE OF GENERAL CREDIT AND TAXING POWERS.

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION,
THE GENERAL CREDIT AND TAXING POWERS OF ANY MUNICIPALITY ARE
PLEDGED TO THE PAYMENT OF ANY BONDS ISSUED BY THE
MUNICIPALITY UNDER THIS SUBTITLE.

(B) LIMITATION ON PLEDGE OF CREDIT AND TAXING POWERS.

A HOLDER OF A BOND ISSUED UNDER THIS SUBTITLE MAY NOT
COMPEL THE EXERCISE OF THE TAXING POWER OF THE MUNICIPALITY
TO PAY THE BOND OR THE INTEREST ON THE BOND, IF:

(1) A COVENANT IN THE AUTHORIZING RESOLUTION SO
LIMITS THE LIABILITY OF THE MUNICIPALITY; AND