There is hereby established an account which shall be known as the "Borough
of Riverdale Open Space, Recreation, Farmland and Historic Preservation Trust
Fund," which shall be maintained and administered in accordance with N.J.S.A.
40:12-15.7 et seq.
The Borough of Riverdale Open Space, Recreation, Farmland and Historic
Preservation Trust Fund shall be funded through the dedication of an amount
to be determined annually by the Borough Council not to exceed $0.01 per $100
of assessed valuation for each annual tax levy. The Fund shall also be permitted
to accept donations and testamentary requests.
The Borough of Riverdale Open Space, Recreation, Farmland and Historic
Preservation Trust Fund shall be utilized for any of the following purposes:
A. Acquisition of lands for recreation and conservation
purposes;
B. Development of lands acquired for recreation and conservation
purposes;
C. Maintenance of lands acquired for recreation and conservation
purposes;
D. Acquisition of farmland for farmland preservation purposes;
E. 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
F. Payment of debt service on indebtedness issued or incurred by a municipality for any of the purposes set forth in Subsection
A,
B,
D or
E of this section.
Lands acquired by the Borough of Riverdale through the Borough of Riverdale
Open Space, Recreation, Farmland and Historic Preservation Trust Fund shall
be held in trust and shall be used exclusively for the purposes authorized
under N.J.S.A. 40:12-15.1 et seq.