(a) Each issuance by a municipal corporation of a local obligation under § 4–230 of this subtitle may be secured by a pledge from the county in which the municipal corporation is located.
(b) To secure a local obligation under § 4–230 of this subtitle, a county may pledge on behalf of a municipal corporation located in the county:
(1) the faith and credit of the county; or
(2) specific revenue of the county.
(c) (1) A pledge by a county under this section shall be authorized by an ordinance or a resolution of the county.
(2) Each ordinance or resolution enacted under this section shall:
(i) be adopted by the governing body of the county;
(ii) be approved by the chief executive officer, if any, of the county; and
(iii) have the force of law.
(d) (1) Subject to paragraph (2) of this subsection, if a local obligation is secured under this section by a pledge of the faith and credit of a county to make prompt payment from the tax and other revenues described in the enabling resolution or ordinance:
(i) the pledge is a covenant to levy taxes sufficient to pay the principal of and interest on the local obligation when due:
1. on all real and tangible personal property that is within the corporate limits of the county and subject to assessment for unlimited ad valorem taxation; and
2. in each year in which the local obligation is outstanding; and
(ii) if at the time of issuance of a local obligation there is a charter or statutory limit on the power of the county to levy property taxes, the pledge is a covenant to levy ad valorem taxes, within that limit, sufficient to pay the principal of and interest on the local obligation:
1. on all real and tangible personal property that is within the corporate limits of the county and subject to assessment for ad valorem taxation; and
2. in each year in which the local obligation is outstanding.
(2) (i) A county may not make a pledge under this section if the pledge would cause the county to exceed any limit set, by the charter of the county or by statute, on the power of the county to make the pledge.
(ii) Notwithstanding subparagraph (i) of this paragraph, a limit on the power of a county to make a pledge that is imposed after the issuance of a local obligation that is secured by a pledge under this section does not affect that local obligation.
(e) If a local obligation is secured under this section by a pledge of specific revenue of a county, the specific revenue of the county may include:
(1) payments to the issuer from the State or federal government;
(2) special benefit assessments, taxes, fees, or service charges that the county has authority to impose, levy, or charge; and
(3) revenue of the county expected to be generated by the infrastructure project to be financed.