No property acquired with the funds from the Farmland Preservation
and Open Space Trust Fund shall be leased or sold unless action has
been authorized by the Township Committee pursuant to law.
The Township Committee, after 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 White Township pursuant
to this chapter is required for another public use, may, by ordinance,
convey through sale, exchange, transfer or other disposition, title
to or a lesser interest in that land, provided that White Township
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. Any money derived from
the conveyance shall be deposited into the fund created herein.
Any conveyance made pursuant to this section shall be made in
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.
