ROBERT L. EHRLICH, JR., Governor                             Ch. 190

Article - Agriculture

Section 2-510.1

Annotated Code of Maryland

(1999 Replacement Volume and 2003 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Agriculture

2-510.1.

(A)     THE FOUNDATION MAY MAKE A GRANT TO PURCHASE AN EASEMENT ON A
PROPERTY SELECTED BY THE FOUNDATION TO A COUNTY WITH A PROGRAM,
APPROVED BY THE FOUNDATION, TO PURCHASE EASEMENTS USING INSTALLMENT
PURCHASE AGREEMENTS.

(B)     THE FOUNDATION MAY ONLY APPROVE A COUNTY'S INSTALLMENT
PURCHASE PROGRAM IF THE PROGRAM IS USED TO PURCHASE EASEMENTS USING
INSTALLMENT PURCHASE AGREEMENTS THAT:

(1)      REQUIRE THE COUNTY TO MAKE ANNUAL EQUAL PAYMENTS TO THE
LANDOWNER OF INTEREST ON THE OUTSTANDING BALANCE OF THE PURCHASE
PRICE;

(2)      REQUIRE THAT THE COUNTY PAY THE LANDOWNER THE
REMAINDER OF THE PURCHASE PRICE AT THE END OF THE TERM;

(3)      STATE THE TOTAL AMOUNT OF MONEY THE COUNTY WILL PAY THE
LANDOWNER, THE INTEREST RATE, AND THE TERMS OF THE AGREEMENT; AND

(4)      REQUIRE THAT THE EASEMENT BE RECORDED WITHIN 30 DAYS OF
SETTLEMENT.

(C)     AN EASEMENT PURCHASED USING A GRANT PROVIDED UNDER THIS
SECTION SHALL BE JOINTLY HELD BY THE COUNTY AND THE FOUNDATION.

(D)     AN EASEMENT PURCHASED USING A GRANT PROVIDED UNDER THIS
SECTION MAY NOT TERMINATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2004.

Approved April 27, 2004.

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