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ROBERT L. EHRLICH, JR., Governor Ch. 526
SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2005.
Approved May 26, 2005.
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CHAPTER 526
(House Bill 140)
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AN ACT concerning
St. Mary's County - Agricultural Land Preservation Program - General
Obligation Installment Purchase Agreements
FOR the purpose of authorizing and empowering the County Commissioners of St.
Mary's County, from time to time, to enter into installment purchase
agreements for an aggregate purchase price of not more than $20,000,000, plus
interest thereon, to acquire under certain criteria transfer development rights in
tracts or parcels of agricultural and forestry land located in St. Mary's County,
Maryland as part of the County's Agricultural Land Preservation Program;
empowering the County to fix and determine under certain criteria, by
resolution, the tracts or parcels of land the transfer development rights of which
are to be acquired and the form, content, terms and conditions of each
installment purchase agreement, including, without limitation, the purchase
price payable thereunder, the maturity date of the installment purchase
agreement, the interest rate and the schedule of payments of the purchase price
(or the method of determining such interest rate and payment schedule) and all
other details incident to the acquisition of the development rights and the
installment purchase agreements; providing that the County's obligation to
make payments of the purchase price under the installment purchase
agreements and to pay interest thereon shall be a general obligation of the
County made upon its full faith and credit; empowering and directing the
County to levy, impose, and collect, annually, ad valorem taxes in rate and
amount sufficient to provide funds for the payment of the maturing purchase
price of and interest on the installment purchase agreements; exempting the
installment purchase agreements and the interest thereon and any income
derived therefrom from all State, county, municipal, and other taxation in the
State of Maryland; authorizing and empowering the County to purchase and set
aside in a segregated fund or account U.S. Treasury STRIPs or other
investments allowed under certain provisions of the law and the investment
guidelines of St. Mary's County to pay the balance of the purchase price of the
installment purchase agreements payable on their maturity dates; exempting
certain agreements and other evidences of indebtedness from certain St. Mary's
County debt limits; and generally relating to the County's entering into
installment purchase agreements to acquire transfer development rights in
agricultural and forestry lands in St. Mary's County.
BY repealing and reenacting, with amendments,
- 3093 -
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