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PARRIS N. GLENDENING, Governor
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Ch. 173
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installments or at the maturity of the Installment Purchase Agreement and will pay
interest on the unpaid balance of that purchase price.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized and empowered to enter into Installment Purchase Agreements for an
aggregate purchase price of not more than $10,300,000, plus interest thereon, to
acquire transfer development rights in tracts or parcels of agricultural and forestry
land located in Calvert County, Maryland as part of the County's Agricultural Land
Preservation Program. The County's obligation to make payments of the purchase
price under each Installment Purchase Agreement and to pay interest on the unpaid
balance of the purchase price under each Installment Purchase Agreement shall be a
general obligation of the County and shall be made upon its full faith and credit, and
shall be evidenced by the Installment Purchase Agreement.
SECTION 3. AND BE IT FURTHER ENACTED, That the County shall select
the tracts or parcels of agricultural or forestry land for which transfer development
rights are to be acquired and shall negotiate the purchase price for such transfer
development rights and all other terms and conditions of the Installment Purchase
Agreement with the owner or owners of such property, all in accordance with the
County's Agricultural Land Preservation Program as in effect from time to time. In
selecting the tracts or parcels of agricultural or forestry land for purposes of acquiring
transfer development rights, the County shall to the extent possible select agricultural
or forestry land equitably among the County election districts that are set by the
County Commissioners.
SECTION 4. AND BE IT FURTHER ENACTED, That each Installment
Purchase Agreement shall be entered into in accordance with a resolution of the
County, which shall provide for the acquisition of the transfer development rights in
one or more specified particular tracts or parcels of agricultural or forestry property
located in Calvert County, Maryland which is to be the subject of the Installment
Purchase Agreement. In acquiring the transfer development rights in tracts or parcels
of agricultural or forestry land located in the County, the County shall to the extent
possible acquire agricultural or forestry land equitably among the County election
districts that are set by the County Commissioners. The County shall have and is
hereby granted full and complete authority and discretion in the resolution to specify
the tracts or parcels of agricultural or forestry land the transfer development rights of
which are to be acquired and to provide and approve the form, tenor and content of
the Installment Purchase Agreement described in the resolution, including, without
limitation, (a) the designation, (b) the dated date, (c) the purchase price thereunder
(or the maximum purchase price and the method of determining the final purchase
price subject to such limitation), (d) the maturity date of the Installment Purchase
Agreement (not exceeding 30 years from the date of execution and delivery of the
Installment Purchase Agreement) on which the final balance of the purchase price is
payable, (e) whether any portion of the purchase price will be payable prior to the
maturity date of the Installment Purchase Agreement, and, if so, the dates of
payments of any installments of the purchase price and the amounts of such
installments (or the methods or formula for determining such installment dates and
amounts), (f) the interest rate per annum (or the method of determining such rate)
payable on, the Installment Purchase Agreement from time to time and the dates for
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- 869 -
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