WILLIAM DONALD SCHAEFER, Governor Ch. 815

[3-122.] 3-121.

Bonds and notes issued under this subtitle are securities in
which all public officers and public units of the State 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, insurance
associations, and others carrying on an insurance business, all
personal representatives, guardians, trustees, and other
fiduciaries, and all other persons may legally and properly
invest funds, including capital in their control or belonging to
them. The bonds and notes are securities which may properly and
legally be deposited with and received by any State or municipal
officer or any unit or political subdivision of the State for any
purpose for which the deposit of bonds or other obligations of
the State is authorized by law.

[3-123.] 3-122.

(a)  Bonds or notes issued under the provisions of this
subtitle shall not be deemed to constitute or create a debt or a
pledge of the faith and credit of the State or of any political
subdivision. Every bond or note shall contain on its face a
statement to the effect that neither the Service, the State, nor
any political subdivision thereof is obligated to pay it or the
interest thereon except from revenues or other money of the
Service available therefor and that neither the faith and credit
nor the taxing power of the State or any political subdivision is
pledged to the payment of the principal of or the interest on the
bonds or notes. However, this subsection does not limit the
ability of the State or a political subdivision to set, impose,
or collect an assessment, rate, fee, or charge to pay to the
Service the cost of a project, including the principal of and
interest on a bond or note, under an agreement between the
Service and the State or political subdivision.

(b)  (1) Notwithstanding any limitations or other provisions
to the contrary of Articles 23A, 25A, or 25B of the Annotated
Code of Maryland, or of any charter or local law regulating the
creation of public debts, a municipality may enter into contracts
with the Service for the purpose of defraying the Service's costs
of acquiring or providing a solid waste disposal project,
wastewater purification project, or water supply project, which
costs may include debt service requirements of the service
relating to that project. These contracts shall not be deemed to
constitute or create a debt of the municipality or a pledge of
its faith or credit within the meaning of any of these
limitations or other provisions. Such a solid waste disposal
project, wastewater purification project, or water supply project
may not be deemed to be a capital project of the municipality
within the meaning of any of these limitations or other
provisions, and a resolution, ordinance, or other official action
authorizing such contracts is not subject to referendum or other

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