§ 9-1-105. POWER TO FIX AND REVISE RATES, TOLLS, RENTALS, ETC.; SINKING FUND.

(a)

The authority is hereby authorized and empowered to fix and revise from time to time rates, tolls, rentals, and charges for the use of any of its projects; contract with any person, partnership, association, or corporation desiring the use of any of its projects, either in whole or in part; and fix the terms, conditions, and rates of charges for such use.

(b)

The rates, tolls, rentals, or charges shall be fixed and adjusted to provide a fund, together with any other legally available funds that the authority determines to apply, sufficient to pay:

(1)

The cost of maintaining, preparing, and operating the project or projects from which such rates, tolls, rentals, and charges are received, including reserves for replacement, depreciation, and any extensions of such project or projects; and

(2)

The principal of the bonds issued to provide the funds for the acquisition, construction, improvement, equipping, maintaining, operating, or furnishing of such project or projects and the interest thereon as the same shall become due and payable, and reserves for such purposes.

(c)

Such rates, tolls, rentals, or charges shall not be subject to supervision or regulation by any state, county, or municipal commission, board, bureau, or agency.

(d)

The rates, tolls, rentals, or charges and all other revenues derived by the authority in the operation of any project or projects, except such part thereof as may be required to pay the cost of maintaining, repairing, and operating any project or projects or to provide such reserves as may be called for in the resolution authorizing the issuance of the revenue bonds or the trust indenture, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture, in a sinking fund which is hereby pledged to and charged with the payment of:

(1)

The interest upon the bonds issued to provide funds for the acquisition, construction, improvement, equipping, furnishing, maintaining or operating such project or projects, as such interest shall fall due;

(2)

The principal of such bonds as the same shall fall due;

(3)

The necessary fiscal agency charges for paying such principal and interest; and

(4)

Any premium upon such bonds retired by call or purchase as herein provided.

(e)

The use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of such bonds or in the trust indenture, but, except as may otherwise be provided in such resolution or trust indenture, such sinking fund shall be a fund for the benefit of all such bonds without distinction or priority of one over another. Subject to the provisions of the resolution authorizing the issuance of such bonds or of the trust indenture, any moneys in such sinking fund in excess of an amount equal to two (2) years' interest on all such bonds then outstanding may be applied to the purchase or redemption of such bonds. All bonds so purchased or redeemed shall forthwith be canceled.

(Laws of Md.(1982) ch. 579) (1988 Code, § 30-5) (Bill No. 48-02, § 1, 7-1-2004)