There is hereby established an Open Space Committee
consisting of seven members (the "Committee").
No property or interest in land acquired with
funds from the fund shall be sold or otherwise disposed of by the
Borough Council until the disposition has been authorized by the Borough
Council after and in accordance with public referendum in the manner
prescribed by law. The deed for any property acquired with funds from
the fund shall contain the specific notation reflecting that the property
was acquired with funds from the fund.
In the event that no property is acquired for
a period of five consecutive years, then the Borough Council shall
review the activities of the Committee and may elect to submit to
the registered voters the question of whether the Committee should
be dissolved, the fund liquidated and the open space tax repealed.
If the open space tax is repealed and the fund liquidated, any remaining
funds shall be transferred to a qualified nonprofit entity, whose
principal purpose is the acquisition, development and maintenance
of lands for recreation and conservation purposes.