(i) purchase or lease personal property under a multiyear contract that requires the governing body to make installment or rental payments during 2 or more fiscal years;

(ii) pay interest as part of any installment or rental payments in accordance with the terms of the contract; and

(iii) pledge and assign the personal property purchased or leased to secure the obligation.

(2) (i) The governing body may enter into a contract under paragraph (1) of this subsection only if:

1. the governing body has appropriated money sufficient to pay the amount due under the contract during the first fiscal year in which the contract is effective;

2. subject to subparagraph (ii) of this paragraph, the contract authorizes the governing body to terminate the contract if money sufficient to pay the amount due under the contract for any fiscal year is not appropriated;

3. the contract provides that, except if the governing body defaults in payment under the contract, an obligation for payment under the contract is limited to money appropriated for contract payment for that fiscal year; and

4. the contract provides that, if the governing body defaults in payment under the contract, the obligation for payment is limited to:

A. money appropriated for contract payments for that fiscal year;

B. any money realized from the personal property purchased or leased under the contract; and

C. any other money legally available for contract payment.

(ii) The contract may provide that a contract termination is ineffective if the governing body purchases or leases personal property similar or functionally related to the property purchased or leased under the contract within a specified period of time.

(b) (1) Except as provided in subsection (d) of this section, the governing body of Dorchester County may:

(i) transfer without public sale any interest in surplus county real property to another government unit in the county under terms and conditions and for consideration, if any, as determined by the governing body; and

(ii) execute and acknowledge any instruments necessary to transfer the property.

(2) The governing body may:

(i) lease surplus real property to a nonprofit organization on terms and conditions as determined by the governing body; and

(ii) execute and acknowledge any instruments necessary to lease the property.

(c) The governing body of Dorchester County may:

(1) transfer without public sale surplus county real property, or any reversionary interest in that property, to any volunteer fire company located in the county for use in providing fire, emergency, and supporting services or facilities, on terms and conditions and for consideration, if any, as determined by the governing body; and

(2) execute and acknowledge any instruments necessary to transfer the property.

(d) (1) When selling or leasing riparian rights adjacent to county real property located in the City of Cambridge, the governing body of Dorchester County shall:

(i) solicit sealed bids or proposals by public advertisement in at least one newspaper of general circulation in the county;

(ii) open the sealed bids or proposals in public;

(iii) reject any unresponsive or unacceptable bid or proposal; and

(iv) select the bidder or offeror who proposes terms most favorable to the county.

(2) The governing body may take any action necessary to implement a competitive bidding process under this subsection.