US Laws, Codes, Statutes & Cases

      (a)      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)      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)      An easement purchased using a grant provided under this section shall be jointly held by the county and the Foundation.

      (d)      An easement purchased using a grant provided under this section may not terminate.