ROBERT L. EHRLICH, JR., Governor                            Ch. 189

(d)     Any money remaining in the Fund at the end of a fiscal year may not
revert to the general funds of the State, but shall remain in the Maryland
Agricultural Land Preservation Fund to be used for the purposes specified in this
subtitle. It is the intent of the General Assembly that, to the extent feasible, the
Foundation utilize the full amount of money available for the purchase of easements
in any fiscal year so as to minimize the amount of money remaining in the Fund at
the end of any fiscal year.

(e)     If a portion of a local subdivision's allocation of Program Open Space funds
is transferred to the Maryland Agricultural Land Preservation Fund pursuant to the
provisions of § 5-903 of the Natural Resources Article, the Foundation may utilize
such transferred funds only for purchases of easements on land located within the
boundaries of the subdivision which requested the transfer of funds. Such transferred
open space funds shall be available in addition to any funds which would otherwise be
allotted under this subtitle for purchases of easements in the county which requested
the transfer of funds; and at the discretion of the local governing body, such
transferred open space funds may be used for general purchases, or applied as the
local contribution in matching purchases as required in §§ 2-508(a)(3) and
2-512(b)(l) of this subtitle.

(F) MONEY IN THE FUND FROM THE SALE OF TAX-EXEMPT GENERAL
OBLIGATION BONDS MAY NOT BE USED TO PURCHASE EASEMENTS UNDER:

(1)     AN INSTALLMENT PURCHASE AGREEMENT, AS PROVIDED IN §
2-510(K)(2) OF THIS SUBTITLE; OR

(2)      A SCHEDULE OF INSTALLMENTS FINANCED WITH CERTIFICATES OF
DEPOSIT, AS PROVIDED IN § 2-510(K)(1) OF THIS SUBTITLE.

[(f)] (G) The estimated budget of the Foundation for the next fiscal year shall
be included with the budget of the Department.

[(g)] (H) The Fund shall be audited annually by the Legislative Auditor in the
manner prescribed by law.

2-509.

(a) The Foundation shall adopt regulations and procedures for:

(1)     Establishment and monitoring of agricultural districts;

(2)     Evaluation of land to be included within agricultural districts; and

(3)     Purchase of easements, INCLUDING THE PURCHASE OF EASEMENTS
UNDER AN INSTALLMENT PURCHASE AGREEMENT.

2-510.

(k) At the time of settlement of the purchase of an easement, the landowner
and the Foundation may agree upon and establish a schedule of payment such that
the landowner may receive consideration for the easement in a lump sum, [or] in
installments over a period of up to 10 years from the date of settlement, OR AS
PROVIDED IN AN INSTALLMENT PURCHASE AGREEMENT UNDER PARAGRAPH (2) OF

- 737 -