Maryland Code, ECONOMIC DEVELOPMENT 12-113
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 12-113
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(2) Except for bond anticipation notes and notes in the nature of commercial paper, the principal of, premium, and interest on a bond are payable solely from:
(i) money from the financing of a facility; or
(ii) other money made available to the public body.
(3) Bonds and the interest on them:
(i) are not debts or charges against the general credit or taxing powers of a public body within the meaning of any constitutional or charter provision or statutory limitation; and
(ii) may not give rise to any pecuniary liability of an issuing public body.
(4) A bond may state on its face that the bond:
(i) is issued under this subtitle; and
(ii) is not a debt to which the public body’s faith and credit is pledged.
(b) On default in the payment of the principal of or interest on a bond, a court with jurisdiction:
(1) may appoint a receiver or take other appropriate action to provide for the payment of the bond; and
(2) shall apply any available revenue as this subtitle or a resolution adopted under this subtitle provides.