2384                                   LAWS OF MARYLAND                                 Ch. 240

(2) THE BOND RECITES IN SUBSTANCE THAT:

(I) THE BOND AND THE INTEREST ON THE BOND
ARE PAYABLE FROM THE REVENUE PLEDGED TO THE PAYMENT OF THE
BOND; AND

(II) THE BOND DOES NOT CONSTITUTE A DEBT
OF THE MUNICIPALITY WITHIN THE MEANING OF ANY CONSTITUTIONAL
OR STATUTORY LIMITATION.

(C) LIEN OF BONDS ON REVENUE.

IN ACCORDANCE WITH THE PROVISIONS OF THIS SUBTITLE AND
THE AUTHORIZING RESOLUTION, ALL BONDS OF THE SAME ISSUE:

(1) SUBJECT TO THE PRIOR AND SUPERIOR RIGHTS OF
OUTSTANDING BONDS, CLAIMS, OR OBLIGATIONS, MAY HAVE A PRIOR
AND PARAMOUNT LIEN ON THE REVENUE OF THE SEWERAGE FACILITY,
OVER AND AHEAD OF:

(I) ALL BONDS OF ANY SUBSEQUENT ISSUE
PAYABLE FROM THE REVENUE;

(II) ANY CLAIMS OF ANY NATURE SUBSEQUENTLY
ARISING AGAINST THE REVENUE; AND

(III) ANY OBLIGATIONS OF ANY NATURE
SUBSEQUENTLY INCURRED AGAINST THE REVENUE;

(2) MAY BE EQUALLY AND RATABLY SECURED BY A LIEN
ON THE REVENUE, WITHOUT PRIORITY BECAUSE OF:

(I) NUMBER;

(II) DATE OF BONDS;

(III) DATE OF SALE;

(IV) DATE OF EXECUTION; OR

(V) DATE OF DELIVERY; AND

(3) IN THE MANNER AND TO THE EXTENT SET FORTH IN
THE AUTHORIZING RESOLUTION, INCLUDING A PROVISION FOR THE
SUBORDINATION OF FEWER THAN ALL THE BONDS, MAY BE
SUBORDINATED AND JUNIOR IN STANDING, WITH RESPECT TO THE
PAYMENT OF PRINCIPAL AND INTEREST AND THE SECURITY FOR THE
PAYMENT, TO ANY OTHER BONDS THAT THE AUTHORIZING RESOLUTION
DESIGNATES.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Article
43, §§ 434 and 435.

In subsection (a) of this section, the clause