ROBERT L. EHRLICH, JR., Governor                             Ch. 279

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
act 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 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, (c) 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
payment of such interest, (g) the terms and conditions, if any, under which the
Installment Purchase Agreement may or shall be redeemed prior to its maturity date,
(h) provisions relating to the registration and transfer of the Installment Purchase
Agreement, (i) the required signatures on the Installment Purchase Agreement and
all related documents, (j) the appointment of a paying agent and registrar for the
Installment Purchase Agreement, which may be the Director of Administration and
Finance of the County, any other employee of the County, any department of the
County government or any bank or trust company within or without the State of
Maryland having corporate trust powers, (k) covenants relating to compliance with
applicable requirements of federal income tax law, including (without limitation)
covenants regarding the payment of rebate or penalties in lieu of rebate, and (1)
generally all matters incident to the acquisition of the transfer development rights
and the terms, conditions, execution and delivery of the Installment Purchase
Agreement.

Each Installment Purchase Agreement may be made redeemable before
maturity, at the option of the County, at such price or prices and under such terms
and conditions as may be fixed by the County prior to the execution and delivery of

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