[Derived from Ch. 7, Art. IV, of the 1971 Code]
[Amended by Ord. No. 1459-96]
There is hereby created a capital fund reserve to be known as
the reserve for municipal improvements, to be maintained in any bank
or trust company lawfully doing business in the state and approved
as a legal depository of funds under the custody of the Treasurer
of the Township.
Expenditures from the reserve for municipal improvements shall
be made only for such capital improvements as the Township Council
shall authorize by resolution as being in the public interest, to
include expenditures for any and all educational, recreational or
any other public purpose, benefit or use permitted by law; such resolution
shall be finally adopted by a majority vote of all the members of
the Township Council.
[Amended by Ord. No. 1459-96]
The Chief Financial Officer may invest and reinvest all or part
of the reserve funds in the following types of securities:
A.
Securities as authorized in N.J.S.A. 40A:5-15.1 of the Local Fiscal
Affairs Law.
A.
Contributions to the capital fund reserve shall be exclusively by
voluntary donation, but when so made or promised, shall be by agreement
with the Planning Board of the Township made at or before granting
of final approval of the application for any subdivision by the donor;
and, when so agreed upon, shall be made or promised in consideration
of such similar voluntary contributions made or to be made by other
subdividers of land within the Township, and thereupon shall become
and remain binding upon the donor upon execution of such agreement,
notwithstanding lack of any change of financial position by the Township
in reliance on any promissory contribution.
B.
Payment of such contributions shall be upon such terms and conditions
as may be approved by the Planning Board, including a requirement
that a sufficient bond be secured through a surety duly authorized
to transact business in the state, guaranteeing payment of any promissory
contribution to the Township.
