Maryland § 10-326
Full text of Maryland Maryland Code § 10-326, with citation guidance and answers to common questions.
§ 10-326.
(a) A bond:
(1) is not a debt, liability, or a pledge of the faith and credit of the State or a political subdivision of the State; and
(2) is payable solely from money available in accordance with this subtitle.
(b) Each bond shall state on its face that:
(1) the State and its political subdivisions are not obliged to pay the bond or the interest on the bond except from revenues of the project or the portion of the project for which the bond is issued; and
(2) the faith, credit, and taxing power of the State and its political subdivisions are not pledged to pay the principal of or the interest on the bond.
(c) The issuance of bonds does not directly, indirectly, or contingently obligate the State or its political subdivisions:
(1) to levy or pledge a tax to pay the bonds; or
(2) to make an appropriation to pay the bonds.
(d) This section does not prevent the Authority or a participating institution from pledging its full faith and credit to pay bonds.
Frequently Asked Questions About Maryland § 10-326
What does Maryland Code § 10-326 cover?
Section 10-326 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 10-326?
A common citation format is "Maryland Code § 10-326" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 10-326 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.