There is hereby established an Open Space Trust Fund, which
shall be administered by the Borough Council. The Open Space Trust
Fund shall be used to finance the acquiring, improving and maintaining
of conservation or recreational properties to protect the water quality
of Borough's rivers, lakes, and streams, acquiring farmland for
farmland preservation, acquiring open space to preserve it in its
natural state, or for the payment of debt service incurred by the
Borough for these purposes, to be funded at a rate not to exceed $0.02
per $100 of total Borough equalized real property valuation, with
all funds subject to an annual, independent audit.
No property or rights acquired with funds from the Open Space
Trust Fund shall be sold or otherwise disposed of by the Borough unless
the Borough Council has authorized such disposition after and in accordance
with a binding public referendum.
In the event that no property or property rights are acquired
under this chapter for a period of five consecutive years, then the
Borough Council shall review its activities and issue a report with
recommendations and conclusions concerning the future use and disposition
of the Open Space Trust Fund. The Open Space Trust Fund may not be
closed except in accordance with a binding public referendum.