Ch. 670                                           LAWS OF MARYLAND

with the approval of the Secretary, on payment of an amount equal
to the LESSER OF:

1. THE APPRAISER VALUE OF THE LAND; OR

2. THE consideration that the

Administration or Commission originally paid for the land, [and
reasonable] PLUS SIMPLE interest AT THE FAIR MARKET RATE
CALCULATED FROM THE TIME OF ACQUISITION TO THE TIME OF
DISPOSITION and administrative costs.

(ii) If the land is not needed for a county or
municipal transportation purpose, the person from whom the land
was acquired or the successor in interest of that person has the
right to reacquire the land, on payment of an amount equal to the
LESSER OF:

1. THE APPRAISED VALUE OF THE LAND; OR

2. THE consideration that the

Administration or Commission originally paid for the land, PLUS
SIMPLE INTEREST AT THE FAIR MARKET VALUE CALCULATED FROM THE TIME
OF ACQUISITION TO THE TIME OF DISPOSITION AND ADMINISTRATIVE

COSTS.-------------------------------------------------------------

(iii) If neither of these rights is exercised,
the land shall be disposed of under this section in the same
manner as if the land were from a project that has been completed
or otherwise as permitted by this section.

(f) Except as required by this section for property from an
abandoned project, this section does not prevent the
Administration, with the approval of the Board of Public Works,
from conveying any of its surplus land to any State or local
agency that:

(1)  Needs the property for a public purpose; and

(2)  Pays the Administration an amount equal to [the
LESSER OF:

(I) THE appraised value of the land] ; OR

(II)  THE CONSIDERATION THAT THE ADMINISTRATION
OR COMMISSION ORIGINALLY PAID FOR THE LAND, PLUS ACCRUED SIMPLE
INTEREST AT THE FAIR MARKET RATE CALCULATED FROM THE TIME OF
ACQUISITION TO THE TIME OF DISPOSITION AND ADMINISTRATIVE COSTS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 27, 1988.

- 4536 -