(a) Definition. In this section, "net income" means total revenues less amounts required for:
(1) operating and maintaining projects;
(2) paying the principal of and interest on bonds;
(3) maintaining the funds as established in § 3-8-212 pledged and charged with payment of interest on and the principal of the bonds, administrative charges by the depository of the fund paying principal and interest, and any premium on the bonds retired by call or purchase; and
(4) fulfilling the terms and provisions of any agreements made with the purchasers or holders of any bonds.
(b) Annual payment. The Authority shall make an annual payment to the County in the amount of 20% of net income, unless the County Executive, with the approval of the County Council by resolution, makes a written waiver of the payment in whole or in part for good cause shown. The Authority may place the remaining balance of its net income in a fund pledged and charged with financing projects.
(1985 Code, Art. 2, § 11-215) (Bill No. 28-97)