KRS 262.904: Acquisition of agricultural conservation easements by Commonwealth.

(1) The Commonwealth is hereby authorized to acquire agricultural conservation

easements or other property interests. The property interest acquired may be any

less-than-fee-simple interest, including an easement, life estate, covenant, or other

contractual ri ght. Acquisition may be accomplished by purchase, gift, grant,

bequest, devise, covenant, or contract but only at a price that is equal to or less than

the appraised value as provided in this section. The Commonwealth shall purchase

these property interests only upon voluntary application of the landowner.

(2) If the landowner so elects, the Commonwealth is authorized to pay the purchase

price in a lump-sum single payment at the time of closing, to enter into contracts for

pay outs over a term of years agai nst the purchase price, or to enter into installment

purchase agreements. When pay outs over time are made, the Commonwealth is

authorized to pay interest consistent with prevailing market conditions at the time of

the execution of the contract.

(3) The interest which the Commonwealth owns in property other than eligible lands

may be exchanged for property interests in eligible lands on an equivalent appraised

value basis. If the property exchanged is not exactly equal in appraised value, cash

payments may be made to provide net equivalent value in the exchange.

(4) After the Commonwealth acquires an agricultural conservation easement or some

property interest less than full ownership in any eligible land, the Commonwealth

may purchase the remaining agricultural rights or other property interest in the land

when the acquisition is necessary to maintain the agricultural uses of the property.