Maryland Code, PUBLIC UTILITIES 17-205
Terms Used In Maryland Code, PUBLIC UTILITIES 17-205
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- including: means includes or including by way of illustration and not by way of limitation. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(b) Subject to subsection (d) of this section, the Commission may sell, lease, or license to the public, or enter into a contract concerning:
(1) any product or technology that is produced or developed by the Commission in the normal course of operations, including patents, trademarks, and copyrights;
(2) any service directly related to a product or technology described in item (1) of this subsection; or
(3) any system, service, expertise, intellectual property, or technique developed, owned, or controlled by or under the jurisdiction of the Commission.
(c) The Commission may adopt a price structure for an item described in subsection (b) of this section based on any factors that the Commission considers relevant, including:
(1) the costs of creating, developing, reproducing, and delivering the product or technology;
(2) overhead and labor costs; and
(3) the fair market value of the product or technology.
(d) (1) The Commission shall account for expenditures and revenues resulting from sales under this section by establishing a separate set of accounts.
(2) The accounts established under paragraph (1) of this subsection shall be itemized and included in the Commission’s annual budget.
(e) The Commission shall use any net revenues earned from projects and contracts entered into under this section to stabilize or reduce rates and to reduce debt.