Maryland Code, AGRICULTURE 2-508.1
Terms Used In Maryland Code, AGRICULTURE 2-508.1
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- including: means includes or including by way of illustration and not by way of limitation. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) The aggregate amount allotted on behalf of the county under general allotted purchases of easements as provided in § 2-508(b) of this subtitle for the fiscal year in which easement purchases are made; and
(2) The amount committed by the Foundation on behalf of the county under general allotted purchases of easements as provided in § 2-508(b) of this subtitle for the fiscal year in which easement purchases are made.
(b) The distribution under this section shall be made within 60 days of the end of each fiscal year.
(c) If the money remaining in the Maryland Agricultural Land Preservation Fund at the end of the fiscal year is insufficient to distribute the total amount applied for under subsection (a) of this section, the maximum amount that may be distributed to any certified county is:
(1) The total sum available divided by the number of counties applying for additional funds under this section; less
(2) The amount committed by the Foundation on behalf of the county under general allotted purchases of easements as provided in § 2-508(b) of this subtitle for the fiscal year in which easement purchases are made.
(d) A county may use the additional funds distributed under this section only for an approved agricultural land preservation program for the purposes stated under § 2-512 of this subtitle, including use for bond annuity funds, collateralizing loans, or matching funds.