Section 2-510.1 - Grant to purchase easement under certain conditions.
§ 2-510.1. Grant to purchase easement under certain conditions.
(a) In general.- 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) Requirements for county installment purchase programs.- 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) Easement to be jointly held.- An easement purchased using a grant provided under this section shall be jointly held by the county and the Foundation.
(d) Easement may not terminate.- An easement purchased using a grant provided under this section may not terminate.
[2004, ch. 190.]