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Ch. 569
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2007 Laws of Maryland
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other terms and conditions of the Installment Purchase Agreement with the owner or
owners of such property, all in accordance with the County's Purchase of Development
Rights Program as in effect from time to time.
SECTION 4. AND BE IT FURTHER ENACTED, That each Installment
Purchase Agreement shall be entered into in accordance with a resolution of the
County, which shall provide for the acquisition of the transfer development rights in
one or more specified particular tracts or parcels of agricultural property located in
Cecil County, Maryland which is to be the subject of the Installment Purchase
Agreement. The County shall have and is hereby granted full and complete authority
and discretion in the resolution to specify the tracts or parcels of agricultural land the
development rights of which are to be acquired and to provide and approve the form,
tenor, and content of the Installment Purchase Agreement described in the resolution,
including, without limitation, (a) the designation, (b) the date, (c) the purchase price
thereunder (or the maximum purchase price and the method of determining the final
purchase price subject to such limitation), (d) the maturity date of the Installment
Purchase Agreement (not exceeding 30 years from the date of execution and delivery of
the Installment Purchase Agreement) on which the final balance of the purchase price
is payable, (e) whether any portion of the purchase price will be payable prior to the
maturity date of the Installment Purchase Agreement, and, if so, the dates of
payments of any installments of the purchase price and the amounts of such
installments (or the methods or formula for determining such installment dates and
amounts), (f) the interest rate per annum (or the method of determining such rate)
payable on the Installment Purchase Agreement from time to time and the dates for
payment of such interest, (g) the terms and conditions, if any, under which the
Installment Purchase Agreement may or shall be redeemed prior to its maturity date,
(h) provisions relating to the registration and transfer of the Installment Purchase
Agreement, (i) the required signatures on the Installment Purchase Agreement and all
related documents, (j) the appointment of a paying agent and registrar for the
Installment Purchase Agreement, which may be the Budget Director of the County,
any other employee of the County, any department of the County government or any
bank or trust company within or without the State of Maryland having corporate trust
powers, (k) covenants relating to compliance with applicable requirements of federal
income tax law, including (without limitation) covenants regarding the payment of
rebate or penalties in lieu of rebate, and (1) generally all matters incident to the
acquisition of the transfer development rights and the terms, conditions, execution,
and delivery of the Installment Purchase Agreement.
Each Installment Purchase Agreement may be made redeemable before
maturity, at the option of the County, at such price or prices and under such terms
and conditions as may be fixed by the County prior to the execution and delivery of the
Installment Purchase Agreement. The Installment Purchase Agreement shall be in
registered form. In case any officer whose signature appears on any bond or on any
coupon attached thereto ceases to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all purposes as if he or she had
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- 3732 -
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