[Amended 1-15-2020 by Ord. No. B-218]
There is hereby established a reserve in the General Capital
fund which shall be known and designated as the "Trust Fund For Open
Space Acquisition" (hereinafter referred to as the "Trust Fund").
A special bank account shall be opened and maintained for this purpose.
Funds from the Trust Fund may, as directed by the Mayor and City Council,
be utilized exclusively for the following purposes:
A. Acquisition of lands, improved or unimproved, exclusively for recreation
and conservation purposes;
B. Development of lands for recreation and conservation purposes;
C. Historic preservation of historic properties, structures, facilities,
sites, areas, or objects, and the acquisition of such properties,
facilities, sites, areas, or objects for historic preservation purposes;
D. Payment of debt service on indebtedness issued or incurred by the
City of Hoboken for the purposes set forth above; provided, however,
that a minimum of 75% of the annual amount raised by the Trust Fund
shall be utilized for the acquisition and development of lands for
recreation and conservation purposes, or the payment of debt service
on indebtedness issued or incurred by the City of Hoboken for the
acquisition and development of lands for recreation and conservation
purposes.
[Amended 1-15-2020 by Ord. No. B-218]
The Trust Fund shall be funded through the dedication to the
fund of an amount of $0.03 per $100 of assessed valuation of each
annual tax levy commencing with the first tax quarter in calendar
year 2020. The Trust Fund shall also be permitted to accept testamentary
bequests, any other donations, and such supplementary funding as the
Mayor and the City Council may elect, in their sole discretion, to
authorize and appropriate. Any and all interest accruing with respect
to the Trust Fund shall be added to the Trust Fund.
No property acquired with funds from the Trust Fund shall be
leased or sold, unless action has been authorized by the Mayor and
City Council and by referendum in the manner prescribed by law. The
deed of any property acquisition with funds from the Trust Fund shall
contain the specific notation reflecting that the property was acquired
with funds from the Trust Fund, and are subject to the limitations
contained herein.