Maryland § 7-535
Full text of Maryland Maryland Code § 7-535, with citation guidance and answers to common questions.
§ 7-535.
(a) A rate stabilization bond issued under this part is not a debt, liability, or a pledge of the full faith and credit of the State or any other governmental unit.
(b) The issuance of a rate stabilization bond under this part is not directly, indirectly, or contingently a moral or other obligation of the State or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the rate stabilization bond.
(c) Each rate stabilization bond issued under this part shall state on its face that:
(1) the State and any governmental unit are not obliged to pay the principal of or interest on the bond; and
(2) neither the full faith and credit nor the taxing power of the State or any other governmental unit is pledged to the payment of the principal of or interest on a rate stabilization bond.
(d) (1) The State pledges, for the benefit and protection of financing parties and the electric company, that it will not take or allow any action that would impair the value of rate stabilization property, or, except as allowed in accordance with §§ 7-531, 7-533, and 7-534 of this subtitle, reduce, alter, or impair the qualified rate stabilization charges to be imposed, collected, and remitted to financing parties, until the principal, interest, and premium, and any other charges incurred and contracts to be performed in connection with the related rate stabilization bonds have been paid and performed in full.
(2) Any party issuing rate stabilization bonds is authorized to include this pledge in any documentation relating to those bonds.
Frequently Asked Questions About Maryland § 7-535
What does Maryland Code § 7-535 cover?
Section 7-535 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 § 7-535?
A common citation format is "Maryland Code § 7-535" (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 § 7-535 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.