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.
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.
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.
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.