HARRY HUGHES, Governor

1845

(B)  ISSUANCE OF ADDITIONAL BONDS IF PROCEEDS LESS THAN
COST.

(1)  IF, FOR ANY REASON, THE PROCEEDS OF AN ISSUE OF
BONDS ARE LESS THAN THE COST OF THE PROJECT FOR WHICH THE
AUTHORITY ISSUED THE BONDS, THE AUTHORITY MAY ISSUE ADDITIONAL
BONDS, IN A MANNER SIMILAR TO THAT FOLLOWED IN ISSUING THE
ORIGINAL BONDS, TO PROVIDE THE AMOUNT OF THE DEFICIT.

(2)  UNLESS OTHERWISE PROVIDED IN THE RESOLUTION OR
TRUST AGREEMENT THAT AUTHORIZES THE ISSUANCE OF OR SECURES THE
ORIGINAL BONDS, ADDITIONAL BONDS ISSUED UNDER THIS SUBSECTION:

(I)  ARE OF THE SAME ISSUE AS THE ORIGINAL
BONDS; AND

(II)  ARE ENTITLED TO PAYMENT FROM THE SAME
FUND, WITHOUT ANY PREFERENCE OR PRIORITY BEING GIVEN TO THE
ORIGINAL BONDS.

(C)  USE OF EXCESS PROCEEDS.

IF THE PROCEEDS OF AN ISSUE OF BONDS EXCEED THE COST OF THE
PROJECT FOR WHICH THE AUTHORITY ISSUED THE BONDS, THE AUTHORITY
SHALL DEPOSIT THE SURPLUS TO THE CREDIT OF THE RESERVE ACCOUNT OR
SINKING FUND FOR THE BONDS.

REVISOR'S NOTE: This section is new language derived
without substantive change from former HE § 9-908(c).

9-943. RESERVED.

9-944. RESERVED.

PART V. PROJECTS OF AUTHORITIES.

9-945. CONTRACTS FOR SERVICES AND USE OF PROJECTS.

(A) AUTHORITY TO CONTRACT.

AN AUTHORITY MAY ENTER INTO ANY CONTRACT THAT THE AUTHORITY
DETERMINES IS NECESSARY OR INCIDENTAL TO THE EXERCISE OF ITS
POWERS OR THE PERFORMANCE OF ITS DUTIES UNDER THIS SUBTITLE,
INCLUDING A CONTRACT WITH:

(1) ANY FEDERAL AGENCY, THIS STATE, ANY AGENCY OF
THIS STATE, ANY POLITICAL SUBDIVISION, OR ANY PERSON:

(I)  PROVIDING FOR OR RELATING TO FURNISHING THE
SERVICES AND FACILITIES OF A PROJECT OF THE AUTHORITY; OR

(II)  IN CONNECTION WITH THE SERVICES AND
FACILITIES OF A WATER SYSTEM OR SEWERAGE SYSTEM THAT IS OWNED OR
CONTROLLED BY THE FEDERAL AGENCY, THIS STATE, THE AGENCY OF THIS
STATE, THE POLITICAL SUBDIVISION, OR THE PERSON;