1. (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.

2. (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. (1) Require the county to make annual equal payments to the landowner of interest on the outstanding balance of the purchase price;
   2. (2) Require that the county pay the landowner the remainder of the purchase price at the end of the term;
   3. (3) State the total amount of money the county will pay the landowner, the interest rate, and the terms of the agreement; and
   4. (4) Require that the easement be recorded within 30 days of settlement.
3. (c) An easement purchased using a grant provided under this section shall be jointly held by the county and the Foundation.
4. (d) An easement purchased using a grant provided under this section may not terminate.

Added by Acts 2004, c. 190, § 1, eff. July 1, 2004.