[HISTORY: Adopted by the Township Committee of the Township of Colts Neck 2-23-2011. Amendments noted where applicable.]
Editor's Note: The ordinance adopted this date was originally adopted as Ch. 27, but was renumbered for organizational purposes.
There is hereby established an account which shall be known and designated as the "Municipal Open Space and Farmland and Historic Preservation Trust Fund," which shall be used exclusively for those purposes authorized by the votes of the Township of Colts Neck.
The Open Space Trust Fund shall be funded through the dedication to the fund of an amount as determined from time to time by the registered voters of the Township pursuant to N.J.S.A. 40:12-15.7. Donations and testamentary bequests made for the purposes enumerated in N.J.S.A. 40:12-15.7 shall be deposited in this trust fund. Any interest or other income earned on monies deposited into the trust fund shall be credited to the fund to be used for the same purposes as the principal.
Funds accumulated in the trust fund may be utilized, as directed by the Township Committee, for costs incurred in connection with the acquisition, development and maintenance of land, easements and development rights for open space and farmland and historic preservation purposes, including costs and expenses associated therewith, including but not limited to appraisal, survey, title search, environmental assessment and legal fees, or for the payment of debt service on indebtedness issued or incurred for any of the aforesaid purposes.
Any property acquired with funds from the Open Space Trust Fund may be leased or sold in accordance with any applicable law, provided the proceeds of said lease or sale are deposited into the trust fund as required by N.J.S.A. 40:12-15.9.