1848

LAWS OF MARYLAND

Ch. 173

9-946. RATES, FEES, AND CHARGES -- IN GENERAL.

(A)  SETTING RATES, FEES, AND CHARGES -- IN GENERAL.

AN AUTHORITY MAY SET, CHARGE, AND COLLECT RATES, FEES, AND
CHARGES IN CONNECTION WITH EACH OF ITS PROJECTS TO PROVIDE FUNDS
THAT, WITH ANY OTHER AVAILABLE FUNDS, ARE SUFFICIENT AT ALL
TIMES:

(1)  TO PAY:

(I)  THE EXPENSES OF THE AUTHORITY;

(II)  THE COST OF CONSTRUCTION, EXTENSION,
REPAIR, IMPROVEMENT, MAINTENANCE, AND OPERATION OF EACH FACILITY
AND PROPERTY OF THE AUTHORITY;

(III)  THE COST OF MAINTENANCE, REPAIR, AND
OPERATION OF EACH PROJECT FOR WHICH THE AUTHORITY ISSUED BONDS
UNDER THIS SUBTITLE, INCLUDING THE CREATION OF RESERVES FOR THE
MAINTENANCE, REPAIR, OPERATION, REPLACEMENT, DEPRECIATION, AND
NECESSARY EXTENSIONS OF THE PROJECT; AND

(IV)  THE PRINCIPAL OF AND INTEREST ON ALL BONDS
OF THE AUTHORITY WHENEVER DUE AND PAYABLE, INCLUDING THE CREATION
OF RESERVES TO PROVIDE A MARGIN OF SAFETY; AND

(2)  TO FULFILL THE TERMS OF ANY AGREEMENT THAT IS
MADE WITH:

(I)  A PURCHASER OR HOLDER OF ANY BOND OF THE
AUTHORITY;

(II)  A POLITICAL SUBDIVISION THAT INCORPORATED
OR IS A MEMBER OF THE AUTHORITY; OR

(III)  A POLITICAL SUBDIVISION THAT IS OR WILL
BE SERVED BY THE AUTHORITY.

(B)  SAME -- WATER SYSTEM.
AN AUTHORITY MAY:

(1)  SET RATES, FEES, AND CHARGES FOR THE SERVICES AND
FACILITIES OF ITS WATER SYSTEM THAT ARE SUFFICIENT TO PAY:

(I)  THE COST OF MAINTENANCE, REPAIR, AND
OPERATION OF ITS SEWERAGE SYSTEM; AND

(II)  THE PRINCIPAL OF AND INTEREST ON BONDS
THAT THE AUTHORITY ISSUES FOR ITS SEWERAGE SYSTEM; AND

(2)  SUBJECT TO PRIOR PLEDGES OF SURPLUS REVENUE,
PLEDGE ANY SURPLUS REVENUE OF ITS WATER SYSTEM FOR THE PURPOSES
STATED IN ITEM (1) OF THIS SUBSECTION.