S.B. 327

VETOES

(d)     An easement may be terminated only with the approval of the governing
body of the county containing the subject land. In deciding whether to approve the
request for termination, the county governing body shall receive the recommendation
of the county agricultural preservation advisory board established under § 2-504.1 of
this subtitle. The decision of the county governing body shall be made after the public
hearing required in paragraph (c). The county governing body shall notify the
Foundation of its decision within 30 days after the conclusion of the public hearing
required in paragraph (c).

(e)     Upon the affirmative vote of a majority of the Foundation members
at-large, and upon the approval of the Secretary and the State Treasurer, the request
for termination shall be approved, and the landowner shall be notified.

(f)      (1) If the request for termination is approved, an appraisal of the subject
land shall be ordered by the Foundation at the expense of the landowner requesting
termination of the easement.

(2) (i) No more than 180 days following the appraisal required under
paragraph (1) of this subsection, the landowner may repurchase the easement by
paying to the Foundation the difference between the fair market value and the
agricultural value of the subject land, as determined by the appraisal.

(ii) For purposes of this paragraph, the agricultural value is the
price as of the valuation date which a vendor, willing but not obligated to sell, would
accept, and which a purchaser, willing but not obligated to buy, would pay for a farm
unit with land comparable in quality and composition to the property being
appraised, but located in the nearest location where profitable farming is feasible.

(iii) 1. In the case of the termination of an easement that was
originally purchased under a matching allotted purchase, the Foundation shall
distribute to the contributing county a portion of the repurchase payment received
under subparagraph (i) of this paragraph that is equal to the percentage of the
original easement purchase price contributed by the county.

2.       A. From the funds distributed to a county under this
subparagraph, the county shall deposit in the county's special account for its
agricultural land preservation program an amount that is at least equal to the
percentage of the original easement purchase price that was paid out of the special
account.

B. If any of the funds deposited in the county's special
account have not been expended or committed within 3 years from the date of deposit
into the special account, the county collector shall remit those funds to the
Comptroller for deposit in the Maryland Agricultural Land Preservation Fund as
provided in § 13-306(c) of the Tax - Property Article.

3.       The county shall deposit the balance of the funds
distributed to it under this subparagraph in the county's general fund.

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