As a result of the approval by the voters of a proposition to establish
the same, there is hereby created and established a fund known as the Municipal
Open Space, Recreation, and Farmland and Historic Preservation Trust Fund.
Municipal Open Space, Recreation, and Farmland and Historic Preservation
Trust Fund shall be funded through the imposition and collection of a tax
not to exceed $0.02 per $100 of assessed valuation.
The Trust Fund shall be utilized for any and all of the following purposes:
A. Acquisition of lands for recreation and conservation
purposes;
B. Development of lands acquired for recreation and conservation
purposes;
C. Historic preservation of historic properties, structures,
facilities, sites, areas or objects, and the acquisition of such properties,
structures, facilities, sites, areas or objects for historic preservation
purposes; or
D. Payment of debt service on indebtedness issued or incurred by the Borough of Kinnelon for any of the purposes set forth in Subsections
A,
B, and
C above.
The amount or rate of the annual levy will be subdivided into the various
respective purposes specified above by the governing body of the Borough of
Kinnelon after the conducting of at least one public hearing thereon.
Lands acquired by the Borough of Kinnelon using revenue raised pursuant
to this tax authorization shall be held in trust and shall be used exclusively
for the purposes authorized by N.J.S.A. 40:12-15.1 et seq.
The Municipal Open Space, Recreation, and Farmland and Historic Preservation
Trust Fund shall be administered in accordance with the applicable statutory
provisions including, without limitation, N.J.S.A. 40:12-15.1 et seq.