There is hereby created in the Township of Nutley,
in the County of Essex and State of New Jersey, an Historic Restoration
Trust to be known as the "Historic Restoration Trust of the Township
of Nutley, New Jersey," hereinafter referred to as the "Trust" and
to be under the jurisdiction of the Department of Parks and Public
Property.
The Trust shall raise and expend funds for the
purpose of preservation and utilization of the improvements commonly
known as the "Kingsland Manor" located on Lots 3, 10-13 of Block 495
on the Assessment Maps of the Township of Nutley.
The Trust shall operate in accordance with this
chapter, as supplemented by:
A. Bylaws of the Trust as approved by resolution of the
Board of Commissioners of the Township of Nutley. Said bylaws shall
be subject to amendment from time to time by the Trust upon approval
by resolution of the Board of Commissioners.
B. Lease agreement between the Township of Nutley and
the Trust as approved by resolution of the Board of Commissioners
of the Township of Nutley. Said lease shall be subject to renewal
annually by resolution of the Board of Commissioners.
The Township of Nutley, through the Department
of Parks and Public Property, shall include in the annual budget appropriations
to subsidize the Trust for cost of utilities and insurance premiums
which shall be annually approved and incorporated into the current
expense budget for the Township of Nutley. In addition, the Township
of Nutley may subsidize the Trust for repairs and maintenance that
the Board of Commissioners of the Township of Nutley shall approve
according to law.
The Trust shall file annually with the Board
of Commissioners of the Township of Nutley a financial report of all
its activities for the preceding calendar year, said report to be
filed no later than the first day of February of the following calendar
year.
[Added 6-4-1975 by Ord. No. 1849]
If for any reason the Trust shall be dissolved,
upon dissolution the Trustees, after payment of all liabilities, shall
dispose of all of the assets of the Trust by distributing them exclusively
to the Township of Nutley. The Township of Nutley shall thereafter
use said assets exclusively for public or charitable purposes.