The Mayor and Township Council, annually, after
the holding of one public hearing thereon, shall apportion and allocate
the use of such tax receipts amount for the purpose or purposes set
forth in § 37-A(1) through (6).
[Amended 5-29-2001 by Ord. No. 2001-17]
The Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund shall be funded through the dedication to the fund of an amount of $0.03 per $100.00 of assessed valuation of each annual tax levy commencing with the year tax and budget year 2001. The fund shall also be permitted to accept donations and testamentary bequests. The accumulating receipts and deposits within the fund may be utilized for the purposes set forth in §§
37-1 and
37-2, herein.
In the event that no property is acquired under
this chapter for a period of five consecutive years, then the Mayor
and Township Council shall review the activities of the Advisory Open
Space Council and issue a report with recommendations and conclusions
concerning the continuation of the fund.