Maryland § 12-113
Full text of Maryland Maryland Code § 12-113, with citation guidance and answers to common questions.
§ 12-113.
(a) (1) A bond and the interest on a bond are limited obligations of the public body.
(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.
Frequently Asked Questions About Maryland § 12-113
What does Maryland Code § 12-113 cover?
Section 12-113 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 § 12-113?
A common citation format is "Maryland Code § 12-113" (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 § 12-113 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.