Maryland Code, LOCAL GOVERNMENT 21-514
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Terms Used In Maryland Code, LOCAL GOVERNMENT 21-514
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- County: means a county of the State or Baltimore City. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(a) Bonds are payable from the special fund required under § 21-506 of this subtitle.
(b) Bonds issued under this subtitle are a special obligation of the county and are not a general obligation debt of the county or a pledge of the county’s full faith and credit or taxing power.
(c) The governing body of a county that issues bonds under this subtitle may:
(1) establish a sinking fund;
(2) establish a debt service reserve fund;
(3) pledge other assets and revenues toward the payment of the principal of and interest on the bonds; or
(4) provide for municipal bond insurance or any other financial guaranty of the bonds.