1806                                          LAWS OF MARYLAND                                     Ch. 173

REVISOR'S NOTE: Paragraph (1) of this subsection formerly
appeared as HE § 9-901(d).

The only changes are in style.

Paragraph (2) of this subsection is new language
derived without substantive change from the intent
behind former HE § 9-917(c). Even though the former
law stated that the provisions of this subtitle
governed certain factors concerning refunding bonds
and joint cost and refunding bonds, the former law
contained the clause that this subtitle governed
"insofar as those provisions are applicable". The
Commission to Revise the Annotated Code determined
that this clause was ambiguous and, in effect,
meaningless since it literally meant that the
provisions of this subtitle applied to what this
subtitle covered. Thus, this clause made the former
law sound as if it were a preamble or purpose
paragraph for legislation. Instead of revising this
paragraph in § 9-937 of this subtitle or as a scope of
subtitle, the Commission revised the former law to
include refunding bonds and joint cost and refunding
bonds as part of the definition of "bond" to allow its
terms to apply throughout this subtitle. As part of
the definition of "bond", paragraph (2) of this
subsection expressly includes refunding bonds and
joint cost and refunding bonds. No change of
substance is intended.

In paragraph (2) of this subsection, the former
references to the purposes of refunding bonds and
joint cost and refunding bonds, including their
"issuance", "maturities and other details" and the
"rights and remedies of the holders" and "rights,
powers, privileges, duties, and obligations of the
authority with respect to these bonds, are all deleted
as unnecessary in light of the same scope of this
subtitle.

(E) COST.

(1)  "COST" MEANS:

(I)  THE PURCHASE PRICE OF A PROJECT; OR

(II)  ANY EXPENSE NECESSARY OR INCIDENT TO
FINANCING, ACQUIRING, IMPROVING, OR CONSTRUCTING A PROJECT, OR TO
PLACING A PROJECT IN OPERATION.

(2)  "COST" INCLUDES:

(I) ANY OBLIGATION OR EXPENSE THAT AN AUTHORITY
INCURS, BEFORE THE AUTHORITY ISSUES A BOND UNDER THIS SUBTITLE,