(a) The Maryland Agricultural Land Preservation Fund is created and
continued for the purposes specified in this subtitle.
(b) 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) The Comptroller of the Treasury may not disburse any money from the
Maryland Agricultural Land Preservation Fund other than:
(1) For costs associated with the staffing and administration of the
Maryland Agricultural Land Preservation Foundation;
(2) 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
(3) For consideration in the purchase of agricultural land preservation
easements beginning with fiscal year 1979 and each fiscal year
thereafter.
(d) 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) 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) Money in the Fund from the sale of tax-exempt general obligation bonds
may not be used to purchase easements under:
(1) An installment purchase agreement, as provided in § 2-510(k)(3) of
this subtitle; or
(2) A schedule of installments financed with certificates of deposit, as
provided in § 2-510(k)(2) of this subtitle.
(g) The estimated budget of the Foundation for the next fiscal year shall
be included with the budget of the Department.
(h) The Fund shall be audited annually by the Legislative Auditor in the
manner prescribed by law.
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