Maryland Code, PUBLIC UTILITIES 17-206
Terms Used In Maryland Code, PUBLIC UTILITIES 17-206
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) In any fiscal year, funding of initial program development costs and other project costs under subsection (a) of this section may not exceed an amount equal to 3% of the gross revenues of the Commission from water service charges and sewer usage charges for the immediately preceding fiscal year.
(c) Any project, contract, or transaction entered into under this subtitle that uses revenue bonds issued under Title 22, Subtitle 2 of this article shall be entered into by the Commission through the use of:
(1) a limited liability company;
(2) a limited liability partnership;
(3) a limited partnership; or
(4) another comparable limited liability entity or arrangement.