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.