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Martin O'Malley, Governor
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Ch. 569
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thereunder, the maturity date of the installment purchase agreement, the
interest rate and schedule of payments of the purchase price (or the method of
determining such interest rate and payment schedule) and all other details
incident to the acquisition of the development rights and the installment
purchase agreements; providing that the County's obligation to make payments
of the purchase price under the installment purchase agreements and to pay
interest thereon shall be a general obligation of the County made upon its full
faith and credit; empowering and directing the County to levy, impose, and
collect, annually, ad valorem taxes in rate and amount sufficient to provide
funds for the payment of the maturing purchase price of an interest on the
installment purchase agreements; exempting the installment purchase
agreements and the interest thereon and any income derived therefrom from all
State, County, municipal, and other taxation in the State of Maryland;
authorizing and empowering the County to purchase and set aside in a
segregated fund or account U.S. Treasury STRIPs or other investments allowed
under certain provisions of the law and the investment guidelines of Cecil
County to pay the balance of the purchase price of the installment purchase
agreements payable on their maturity dates; and generally relating to the
County's entering into installment purchase agreements to acquire transfer
development rights in agricultural lands in Cecil County.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Cecil
County; and the term "Installment Purchase Agreement" means an agreement
pursuant to which the County will acquire development rights in one or more tracts or
parcels of agricultural land located in Cecil County, Maryland from the owners
thereof, will pay the purchase price for that land either in installments or at the
maturity of the Installment Purchase Agreement and will pay interest on the unpaid
balance of that purchase price.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized and empowered to enter into Installment Purchase Agreements for an
aggregate purchase price of not more than $4,000,000, plus interest thereon, to
acquire transfer development rights in tracts or parcels of agricultural land located in
Cecil County, Maryland as part of the County's Purchase of Development Rights
Program. The County's obligation to make payments of the purchase price under each
Installment Purchase Agreement and to pay interest on the unpaid balance of the
purchase price under each Installment Purchase Agreement shall be a general
obligation of the County and shall be made upon its full faith and credit, and shall be
evidenced by the Installment Purchase Agreement.
SECTION 3. AND BE IT FURTHER ENACTED, That the County shall select
the tracts or parcels of agricultural land for which development rights are to be
acquired and shall negotiate the purchase price for such development rights and all
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- 3731 -
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