[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.