# COMAR Title 20 — Public Service Commission

## Subtitle 73 — Construction of New Water and Sewage Disposal Systems

### Chapter 02 — Accounting, Financial, and General Information

#### Regulation .03 Capital Structure.

*COMAR 20.73.02.03*

An applicant shall have a minimum equity participation of 25 percent and shall fully disclose all financial and capitalization arrangements to be entered into, and shall provide the details and methods of payment by any person or party of obligations, assessments, fees, and charges resulting from these arrangements.