Ch. 239                                           LAWS OF MARYLAND

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 in a certificate or certificates of deposit at
the maximum interest rate offered by a bank servicing the State
or at such other institutions which pay the maximum interest
rates payable on time and savings deposits at federally insured
commercial banks selected by the Treasurer, to mature in
accordance with an agreed upon schedule of installments as
provided in this section. Any interest earned on the invested
unpaid balance shall be paid with the installment when due, less
1/4 of 1 percent.

[(k)] (L) (1) On or before June 30, the foundation shall
notify all landowners whose applications had been rejected during
that [fiscal year] OFFER CYCLE. The foundation shall specify the
reasons for that rejection. IF THE REJECTION IS DUE TO
INSUFFICIENT FUNDS, THE APPLICATION MAY BE CONSIDERED IN THE NEXT
AVAILABLE OFFER CYCLE.

(2)     A landowner whose application has been rejected

for a reason     other than insufficient foundation funds may not

reapply to sell   an easement oh the same land on the same terms

until two years   after the date of the original application.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 5, 1989.

CHAPTER 239

(House Bill 778)

AN ACT concerning

Administrative Agencies - Notice of Hearing

FOR the purpose of authorizing service of notice of a hearing in
a contested case to be sent by regular mail to the business
address of record of a licensee under certain circumstances;

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