(a) Definition. In this section, "net income" means total revenues less amounts required for:
(1) operating and maintaining projects;
(2) paying principal and interest on bonds;
(3) maintaining the funds as established in § 3-12-212 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) Remaining balance. The Authority may place the remaining balance of its net income in a fund pledged and charged with financing projects.
(1985 Code, Art. 2, § 12-215) (Bill No. 115-97)