Maryland · Maryland Code — Transportation Article
Md. Code, Transp. § 3-607: (a) The bonds, notes, and other evidences of obligation issued under this subtitle, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, shall be exempt from taxation by this State or by any of its political subdivis
What this law says, in plain English
State bonds and notes are exempt from taxation. They are payable only from pledged revenues, not from state credit, and the Department's revenue pledge has priority over other claims against it.
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