[HISTORY: Adopted by the Board of Commissioners of the Borough of Haddonfield 12-26-2006 by Ord. No. 2006-26. Amendments noted where applicable.]
[Amended 12-13-2011 by Ord. No. 2011-12]
The public officials of the Borough of Haddonfield have been authorized and directed to establish an "Open Space, Recreation, and Farmland and Historic Preservation Trust Fund" (hereafter "Open Space Trust Fund") as a separate bank account in the banking institution where the Borough of Haddonfield has its bank accounts. The created Open Space Trust Fund account in question is administered and controlled by the same public officials and in the same manner as Haddonfield's other such bank accounts.
[Amended 12-13-2011 by Ord. No. 2011-12; 1-17-2016 by Ord. No. 2016-18]
All revenue collected from Haddonfield's open space tax that is collected as a result of the adoption of the Open Space Tax Municipal Question on November 7, 2006, the Open Space Tax Municipal Question on November 8, 2011 and Open Space Tax Municipal Question on November 8, 2016, must be deposited into the Open Space Trust Fund account. Grants, gifts, donations, and testamentary bequests, given to Haddonfield to be used for the goals recited in § 150-4 as provided in the Open Space Tax Municipal Question, may be deposited into the Open Space Trust Fund account.
[Amended 12-13-2011 by Ord. No. 2011-12]
The Open Space Trust Fund is to be funded from any and all revenue collected from local property taxes in an amount not to exceed $0.01 per $100 of assessed value of Haddonfield properties.
The funds in the Open Space Trust Fund account shall be used exclusively to purchase, develop and maintain lands in Haddonfield for recreation and conservation purposes; or to acquire and preserve historic properties, structures, facilities, sites and areas in Haddonfield; or to pay debt service on indebtedness issued or incurred by Haddonfield for any of the purposes set forth above.