[HISTORY: Adopted by the Mayor and Council of the Borough of Emerson 9-21-1993 by Ord. No. 1026. Amendments noted where applicable.]
The Treasurer of the Borough of Emerson shall open and maintain an interest-bearing trust account entitled "Low- and Moderate-Income Housing Trust Account." Said account shall be interest bearing with all interest to remain and accumulate in the account.
All moneys received pursuant to an agreement between the Borough of Emerson and Town and Country Developers, Inc., pursuant to the settlement of litigation related to the development of property owned by Town and County Developers, Inc., shall be deposited in said account. All moneys deposited into said account shall be used for the satisfaction of the Borough of Emerson's obligation for low- and moderate-income housing. Such activities may include, but are not necessarily limited to, housing rehabilitations; new construction; regional contribution agreements; the purchase of land for low- and moderate-income housing; extensions and/or improvements of roads and infrastructure to low- and moderate-income housing sites; assistance designed to render units to be more affordable to low- and moderate-income people; and administrative costs necessary to implement the Borough of Emerson's housing element. The specific expenditure of all moneys shall be subject to approval by the governing body of the Borough of Emerson.
The payment of fees shall be made in accordance with the agreement between the Borough of Emerson and Town and Country Developers, Inc.