There is hereby established, pursuant to the provisions of the Local
Finance Law, a capital reserve fund. Said capital reserve fund shall be used
solely for the purpose of acquiring real property for the purpose of the preservation
of open space, wetlands or other environmentally critical properties. The
Town Board shall, in February of each year, deposit into said reserve fund
a sum equal to at least 10% of the surplus remaining from the prior fiscal
year in the general fund as determined by the Town Comptroller in conjunction
with the town's independent auditors. Once deposited into said reserve fund,
said funds shall be utilized only for the direct acquisition of property or
for the payment of financing of any indebtedness incurred by the town for
the purpose of acquiring a parcel of open space.
Following the success of the town in acquiring the Hillpoint Property
as a partner with the state, other municipal entities and private organizations,
it is the desire of the Town Board to seek out other such partnerships and
to utilize them in acquiring property to fulfill the purposes set forth in
this chapter.