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2007 Laws of Maryland
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Ch. 448
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(II) THE PURCHASE OF EASEMENTS UNDER A COUNTY
INSTALLMENT PURCHASE AGREEMENT PROGRAM APPROVED BY THE
FOUNDATION, AS PROVIDED IN § 2-510.1 OF THIS SUBTITLE; AND
(III) THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
BONDS ISSUED BY A COUNTY FOR THE SOLE PURPOSE OF PURCHASING
AGRICULTURAL LAND PRESERVATION EASEMENTS THAT MEET THE
REQUIREMENTS OF THIS SUBTITLE, SUBJECT TO CONDITIONS JOINTLY AGREED
UPON BY THE FOUNDATION AND THE COUNTY.
(4) GRANTS PROVIDED BY THE MARYLAND AGRICULTURAL LAND
PRESERVATION FOUNDATION MAY NOT BE:
(I) USED TO FUND COUNTY LAND PRESERVATION
PROGRAMS; OR
(II) PLEDGED TO SECURE COUNTY-ISSUED BONDS.
(f) Money in the Fund from the sale of tax-exempt general obligation bonds
mav not be used:
(1) [to] TO purchase easements under:
[(1)] (I) An installment purchase agreement, as provided in §
2-510(k)(3) of this subtitle; [or]
[(2)] (II) A schedule of installments financed with certificates of
deposit, as provided in § 2-510(k)(2) of this subtitle; OR
(III) THE CRITICAL FARMS PROGRAM, AS PROVIDED IN §
2-517 OF THIS SUBTITLE; OR
(2) FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON
BONDS ISSUED BY A COUNTY IN ACCORDANCE WITH § 2-505(C) SUBSECTION (C)
OF THIS SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2007.
Approved by the Governor, May 8, 2007.
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- 2680 -
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