[HISTORY: Adopted by the Borough Council of the Borough of Carteret 6-1-2000 by Ord. No. 00-22. Amendments noted where applicable.]
There is hereby established an account which shall be known and designated as the "Carteret Open Space Dedication Fund" which shall be maintained in accordance with N.J.S.A. 40A:4-1 and 40A:5-1, as amended and revised from time to time.
[Amended 8-15-2002 by Ord. No. 02-16[1]]
A. 
The Carteret Open Space Trust Fund shall be funded through the dedication to the fund of the amount raised through an annual tax rate levy of $0.03 per $100 of assessed valuation commencing with the year 2005 and thereafter. The fund shall be permitted to accept additional donations and testamentary bequests.
[Amended 7-22-2004 by Ord. No. 04-24[2]]
[2]
Editor's Note: Ordinance No. 04-24 was approved by the voters at the general election held 11-2-2004.
B. 
Any and all funds accumulated within the trust fund from the date of its original inception, as approved by the voters on November 7, 2000, and thereafter, may be utilized for any or all of the following purposes, or any combination thereof, as authorized by N.J.S.A. 40:12-15.7 and as determined by the governing body:
(1) 
Acquisition of lands for recreation and conservation purposes;
(2) 
Development of lands acquired for recreation and conservation purposes;
(3) 
Maintenance of lands acquired for recreation and conservation purposes;
(4) 
Historic preservation of historic properties, structures, facilities, sites, areas, or objects, the acquisition of such properties, structures, facilities, sites, areas, or objects for historic preservation purposes; or
(5) 
Payment of debt service on indebtedness issued or incurred by the Borough for any of the purposes set forth in Subsection B(1), (2) or (4) of this section.
C. 
The amount of funds raised by the annual levy may be allocated to any of respective purposes specified in Subsection B above, as determined by the governing body after conducting at least one public hearing thereon.
[1]
Editor's Note: Ordinance No. 02-16 was approved by the voters at the general election held 11-5-2002.
No property acquired with these funds from the Carteret Open Space Trust Fund shall be leased or sold until the sale or lease of said property has been approved by the voters at referendum.
This chapter shall be effective January 1, 2001, provided that the public question establishing this Carteret Open Space Trust Fund is approved by voters at referendum.[1]
[1]
Editor's Note: Ordinance No. 00-22 was approved by the voters at the general election held 11-7-2000.