Section 2-505 - Maryland Agricultural Land Preservation Fund.
§ 2-505. Maryland Agricultural Land Preservation Fund.
(a) Created and continued.- The Maryland Agricultural Land Preservation Fund is created and continued for the purposes specified in this subtitle.
(b) Sources.- The Maryland Agricultural Land Preservation Fund shall comprise:
(1) Any money made available to the Fund by general or special fund appropriations; and
(2) Any money made available to the Fund by grants or transfers from governmental or private sources.
(c) Disbursements.-
(1) The Comptroller of the Treasury may not disburse any money from the Maryland Agricultural Land Preservation Fund other than:
(i) For costs associated with the staffing and administration of the Maryland Agricultural Land Preservation Foundation;
(ii) For reasonable expenses incurred by the members of the board of trustees of the Maryland Agricultural Land Preservation Foundation in the performance of official duties; and
(iii) For consideration in the purchase of agricultural land preservation easements beginning with fiscal year 1979 and each fiscal year thereafter.
(2) The Maryland Agricultural Land Preservation Foundation may provide grants to the Maryland Agricultural and Resource-Based Industry Development Corporation, subject to conditions jointly agreed upon by the Foundation and the Corporation, to facilitate:
(i) An installment purchase agreement program; or
(ii) The funding of the Next Generation Farmland Acquisition Program.
(3) The Maryland Agricultural Land Preservation Foundation may provide grants to counties to facilitate:
(i) The Critical Farms Program, as provided in § 2-517 of this subtitle, subject to conditions jointly agreed upon by the Foundation and the county;
(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.
(d) Money remaining at end of fiscal year.- 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) Transfer of local subdivision's Program Open Space Funds.- 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)(1) of this subtitle.
(f) Restriction on use of funds.- Money in the Fund from the sale of tax-exempt general obligation bonds may not be used:
(1) To purchase easements under:
(i) An installment purchase agreement, as provided in § 2-510(k)(3) of this subtitle;
(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 subsection (c) of this section.
(g) Budget.- The estimated budget of the Foundation for the next fiscal year shall be included with the budget of the Department.
(h) Audit.- The Fund shall be audited annually by the Legislative Auditor in the manner prescribed by law.
[1974, ch. 642, § 1; 1977, ch. 883; 1989, ch. 744; 1994, ch. 3, § 1; 2004, ch. 189; 2005, ch. 25, § 12; 2006, ch. 289; 2007, ch. 448.]