[HISTORY: Adopted by the Mayor and Council of the Borough of New Providence 2-23-2004 by Ord. No. 2004-1. Amendments noted where applicable.]
There is hereby established a reserve in the general capital fund which shall be known and designated as the "reserve for open space acquisition." A special bank account shall be opened and maintained for this purpose. Funds from the reserve for open space acquisition may, as directed by the Mayor and Borough Council, be utilized to acquire by gift, purchase or by eminent domain proceedings pursuant to N.J.S.A. 20:3-1 et seq. easements, vacant land, as well as land which has improvements upon it at the time of acquisition, where the principal purpose of the acquisition is to preserve open space. In the event that the Mayor and Borough Council shall find it appropriate to apportion the cost of acquisition between open space and improvements, it may do so and charge the reserve for that portion of the acquisition price which is attributable to the open space spaces, and the Borough's capital account shall be charged for the portion of the acquisition that it determines shall be attributed to improvements.
The reserve for open space acquisition shall be funded through the dedication to the fund of an amount of $0.01 per $100 of assessed valuation of each annual tax levy commencing with the year 2004. The reserve shall also be permitted to accept donations and testamentary bequests. The funds accumulated within the reserve may be utilized for the acquisition of land or development rights in land or as a down payment for the issuance of bonds for the same purpose at the discretion of the Mayor and Borough Council. Any and all interest accruing shall be placed into the Open Space Trust Fund.
No property acquired with these funds from the reserve for open space acquisition shall be leased or sold unless action has been authorized by the Mayor and Borough Council and by referendum in the manner prescribed by law. The deed for any property acquisition with funds from the reserve for open space acquisition shall contain the specific notation reflecting that the property was acquired with funds from the reserve for open space acquisition.
In the event that no property is acquired under this chapter for a period of five consecutive years, then the Mayor and Borough Council shall review its' activities and issue a report with recommendations and conclusions concerning the reserve for open space acquisition.