(a) Establishment. There is an agricultural and woodland preservation sinking fund. The sinking fund is a non-lapsing fund.
(b) Payments into fund. The County shall pay into the sinking fund appropriations from the general fund. Amounts on deposit in the sinking fund may be invested and reinvested by the County, and all proceeds from investments made by the fund shall be paid into the sinking fund.
(c) Payment from the fund. The County shall make payments from the sinking fund for expenses of principal and interest on long-term obligations of the County for the purchase of agricultural and woodland preservation easements and for issuance and administration of the long-term obligations.
(d) Purpose; no rights to holder of debt instrument. The sinking fund is established for the sound financial administration of the agricultural and woodland preservation program. The holder of a debt instrument issued by the County relating to the agricultural and woodland preservation program shall have no rights in or with respect to the sinking fund, including any moneys or investments held in the fund, and the County may modify the sinking fund without the consent of any such holder.
(1985 Code, Art. 6, § 8-111) (Bill No. 21-00)