Township of East Amwell, NJ Chapter 27 Open Space Trust Fund

[HISTORY: Adopted by the Township Committee of the Township of East Amwell 12-29-2016 by Ord. No. 16-11.[1] Amendments noted where applicable.]

GENERAL REFERENCES

Powers of Environmental Commission concerning open space preservation — See Ch. 14, § 14-8.

Land management — See Ch. 92.

[1] Editor's Note: This ordinance also repealed former Ch. 27, Open Space Trust Fund, adopted 6-10-1999 by Ord. No. 99-18.

§ 27-1 Definitions

As used in this chapter, the following terms shall have the meanings indicated:

TRUST FUND

As used herein in this chapter, shall refer to the General Capital Fund which shall be known and designated as the "Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund" established by the Township of East Amwell.

§ 27-2 Trust fund established; use of funds.

There was previously established a reserve in the General Capital Fund which was known and designated as the "Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund;" and the Township shall continue to maintain such reserve pursuant to this chapter. A special bank account was opened and maintained, and shall continue to be maintained, for this purpose. Funds from the Municipal Open Space, Recreation and Farmland Historic Preservation Trust Fund may, as directed by the Mayor and Township Committee, be utilized for any or all of the following purposes, or any combination thereof without increasing the tax levy over that permitted in § 27-4 herein.

A. Acquisition of lands for recreation and conservation purposes;

B. Development of lands acquired for recreation and conservation purposes;

C. Maintenance of lands acquired for recreation and conservation purpose;

D. Acquisition of farmland for farmland preservation purposes;

E. Historic preservation of historic properties, structures, facilities, sites, areas, or objects, and the acquisition of such properties, structures, facilities, sites, areas, or objects for historic preservation purposes; or

F. Payment of debt service on an indebtedness issued or incurred by the Township of East Amwell, for any of the purposes set forth in Subsections A thru E above.

§ 27-3 Apportionment and allocation of Trust Fund.

The Mayor and Township Committee, at the time or times permitted under N.J.S.A. 40:12-15.7, and after holding a public hearing thereon, shall apportion and allocate the amounts described in § 27-4. among all or any one or more of the purposes set forth in Subsections A through F of § 27-2.

§ 27-4 Funding.

The Trust Fund shall be funded through the dedication to the Trust Fund of an amount of $0.04 per $100 of assessed valuation of each annual tax levy, commencing with the year tax and budget year 1999. The Trust Fund shall also be permitted to accept donations and testamentary bequests. The accumulated receipts and deposits within the Trust Fund, and any and all interest accruing thereon, may be utilized for the purposes set forth in § 27-2. Any moneys set aside for open space as of the effective date of this chapter were previously deposited into the Trust Fund.

§ 27-5 Sale of property.

A. No property acquired with funds from the Trust Fund shall be leased or sold unless such action has been authorized by the Mayor and Township Committee in the manner prescribed by law.

B. After conducting at least one public hearing thereon, and upon a finding that the purposes of this chapter might otherwise be better served or that any land acquired by the Township of East Amwell pursuant thereto is required for another public use, which finding shall be set forth in an ordinance adopted by the Township Committee, the Township Committee may convey, through sale, exchange, transfer, or other disposition, title to, or a lesser interest in, that land, provided that the Township Committee shall replace any land conveyed under this section by land of at least equal fair market value and of reasonably equivalent usefulness, size, quality, and location to the land conveyed, and any monies derived from the conveyance shall be deposited into the Trust Fund for use for the purposes set forth in § 27-2.

C. Any conveyance made pursuant to § 27-5 shall be made in strict accordance with the Local Lands and Buildings Law (N.J.S.A. 40A:12-1, et seq.). In the event of conveyance by exchange, the land or improvements thereon to be transferred to the trust shall be at least equal in fair market value and of reasonably equivalent usefulness, size, quality and location to the land or improvements transferred from the trust.