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HARRY HUGHES, Governor
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1131
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Agriculture
2-510.
(j) At the time of settlement of the purchase of an
easement, the landowner and the foundation may agree upon and
establish a schedule of payment such that the landowner may
receive consideration for the easement in a lump sum, or in
installments over a period of up to 10 years from the date of
settlement. AT THE TIME OF SETTLEMENT, THE FOUNDATION SHALL
NOTIFY IN WRITING EACH LANDOWNER WHO SELLS AN AGRICULTURAL
EASEMENT TO THE FOUNDATION OF THE APPLICABLE INTEREST RATE
SCHEDULE OF ANTICIPATED RANGES OF INTEREST RATES TO BE PAID ON
ANY UNPAID BALANCE AFTER THE DATE OF SETTLEMENT.
(1) If a schedule of installments is agreed upon, the
Comptroller shall retain in the Maryland Agricultural Land
Preservation Fund an amount of money sufficient to pay the
landowner according to the schedule.
(2) The landowner shall receive interest on any
unpaid balance remaining after the date of settlement. The State
Treasurer shall invest the unpaid balance remaining after the
date of settlement to mature in accordance with an agreed upon
schedule of installments as provided in this section. —{-The
unpaid balance shall be invested at the maximum interest rates
payable on time and savings deposits at federally insured
commercial banks.] AT THE OPTION OF THE LANDOWNER, THE STATE
TREASURER SHALL RENEGOTIATE ANY CONTRACT FOR THE PURCHASE OF AN
AGRICULTURAL EASEMENT THAT WAS ENTERED INTO BEFORE OR AFTER JULY
11, 1983. THE UNPAID BALANCE SHALL BE INVESTED IN ACCOUNTS THAT
MAY BE COMMINGLED, AT THE OPTION OF THE LANDOWNER, WITH OTHER
STATE INVESTMENTS BUT UNDER SEPARATE ACCOUNTING PROCEDURES TO
OBTAIN THE HIGHEST RATE OF INTEREST THAT THE STATE RECEIVES ON
ITS OTHER DEPOSITS OR INVESTMENTS. Any interest earned on the
invested unpaid balance shall be paid with the installment when
due, less 1/4 of 1 percent.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 24, 1983.
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CHAPTER 340
(Senate Bill 433)
AN ACT concerning
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