The revenues allocated and deposited into the trust fund may
be used for the purchase of farmland development rights, open space,
wetlands, woodlands, pine barrens, and other lands which are suitable
only for passive, recreational use, land for use as hamlet greens,
hamlet parks, pocket parks (with the effect of providing public spaces
that reinforce community livability by enhancing the pedestrian-friendly
nature of communities, including uses for outdoor activities, playgrounds,
and other public gathering purposes), active parkland, active recreation,
historic and/or cultural park uses, or the payment of debt service
on serial bonds or notes authorized via duly enacted resolution of
the County of Suffolk and issued for the purchase of farmland development
rights, open space, wetlands, woodlands, pine barrens, and other lands
which are suitable only for passive, recreational use, land for use
as hamlet greens, hamlet parks, pocket parks (with the effect of providing
public spaces that reinforce community livability by enhancing the
pedestrian-friendly nature of communities, including uses for outdoor
activities, playgrounds, and other public gathering purposes), active
parkland, active recreation, historic and/or cultural park uses. Principal
and interest expenses, bond or note issuance costs and all other expenses
directly related to the bonds or notes issued for such farmland development
rights, open space, wetlands, woodlands, pine barrens, and other lands
which are suitable only for passive, recreational use, land for use
as hamlet greens, hamlet parks, pocket parks (with the effect of providing
public spaces that reinforce community livability by enhancing the
pedestrian-friendly nature of communities, including uses for outdoor
activities, playgrounds, and other public gathering purposes), active
parkland, active recreation, historic and/or cultural park uses acquisition
may be paid from the sales tax revenues in the trust fund. The amount
of debt service and bond or note issuance costs paid from the trust
fund in any calendar year shall not exceed 80% of the unobligated
projected sales tax revenues for such calendar year. A projection
of annual sales tax revenues for the current calendar year, and the
three calendar years immediately following, shall be prepared in a
written report and shall be jointly certified by the County Executive's
Office and the Legislative Budget Review Office as follows: one month
prior to the sale of any Suffolk County bond or note, or 45 days prior
to the debt service of any bond or note becoming due and payable by
Suffolk County, whichever is sooner, and on September 1 of each calendar
year. On an annual basis, actual sales tax revenues allocated and
deposited into the trust fund that exceed debt service requirements
for the current calendar year shall be reserved by Suffolk County
for future debt service payments in the event future annual debt service
requirements are projected to exceed 80% of the unobligated projected
sales tax revenues. In the event such reserved revenues become unnecessary
to ensure that the eighty-percent cap is not exceeded, such revenues
may be used for the acquisition of farmland development rights, open
space, wetlands, woodlands, pine barrens, and other lands which are
suitable only for passive, recreational use, land for use as hamlet
greens, hamlet parks, pocket parks (with the effect of providing public
spaces that reinforce community livability by enhancing the pedestrian-friendly
nature of communities, including uses for outdoor activities, playgrounds,
and other public gathering purposes), active parkland, active recreation,
historic and/or cultural park uses under this program.