In this subtitle the following words have the meanings indicated. “Authority” means: A body politic and corporate that is created under this subtitle; or If that body is abolished, the unit that: Succeeds to the principal functions of that body; or Is given by law the powers under this subtitle of the former body. “Board” means the governing body of an authority. “Bond” means any note, bond, or other evidence of indebtedness or obligation that an authority may issue under § 9-932 of this subtitle. “Bond” includes refunding bonds and joint cost and refunding bonds. “Cost” means: The purchase price of a project; or Any expense necessary or incident to financing, acquiring, improving, or constructing a project, or to placing a project in operation. “Cost” includes: Any obligation or expense that an authority incurs, before the authority issues a bond under this subtitle, to acquire, improve, or construct a project, including an obligation or expense for: An engineering study; An estimate of cost; An estimate of revenue; or Any other technical or professional service; and The cost of a project, including: Acquiring all of the stock of a corporation that owns the project; Discharging the obligations of the corporation to vest title to all or part of the project in the authority; Acquiring any real property, right, easement, franchise, permit, machinery, or equipment; Any improvement; Any finance charge; Any interest charge before, during, or for 1 year after completion of construction of the project; Any engineering or legal service, plan, specification, survey, estimate of cost, estimate of revenue, or other item necessary to determine the feasibility or practicability of acquiring, improving, or constructing the project; and Any administrative expense. “Federal agency” means: The United States government; or Any agency of the United States government. “Governing body” means the unit of a political subdivision that is authorized by law to enact laws for the political subdivision. “Improvement” means the construction, repair, replacement, or betterment of, or additions to, a project: To place or maintain the project in proper condition for safe, efficient, and economic operation; or To meet requirements for service in areas that: May be served by the authority; and Are not currently being served. “Law” includes any enactment, order, resolution, or ordinance of a political subdivision. “Political subdivision” means any county, municipal corporation under Article XI-E of the Maryland Constitution, sanitary district, or other political subdivision of this State. “Project” means all or part of any water system or sewerage system, or any combination of all or parts of water systems or sewerage systems, that is owned, constructed, or operated by an authority under this subtitle. “Sewage” means water-carried waste that is created in and carried away or to be carried away from any private or public building. “Sewerage system” means: Any plant, system, facility, or property that can: Carry sewage away; Collect sewage; Dispose of sewage; Neutralize sewage; or Prepare sewage for discharge; and Any integral part of the plant, system, facility, or property. “Sewerage system” includes the following parts of a sewerage system: An appurtenance. A conduit. A disposal field. A drainage ditch. Any equipment. A force main. An intercepting sewer. A lagoon. A lateral sewer. An outfall sewer. A pipeline. A pumping station. A sewage treatment plant. A sewer pipe. A surface water intercepting ditch. A trunk sewer. “Sewerage system” includes any related property, property right, or franchise. “Water system” means: Any plant, system, facility, or property that can supply or distribute water; and Any integral part of the plant, system, facility, or property. “Water system” includes the following parts of a water system: An appurtenance. A dam. Any equipment. A filtration plant. An intake. A lateral. A pumping station. A purification plant. A reservoir. A standpipe. A valve. A water distribution system. A water hydrant. A water main. A water meter. A water source. A water supply system. A well. “Water system” includes any related property, property right, or franchise.