Township of Oldmans, NJ Chapter 26 Municipal Trust Fund

[HISTORY: Adopted by the Township Committee of the Township of Oldmans 3-8-2017 by Ord. No. 2017-02. Amendments noted where applicable.]

§ 26-1 Findings.

In 2016, following an affirmative vote at a public referendum,[1] the Township of Oldmans established the Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund ("the fund") to be funded through a dedicated open space tax. The referendum approved by Township voters authorized the use of the fund to acquire, develop, and maintain lands for recreation and conservation purposes, acquire farmland for preservation purposes, and acquire and preserve historic properties, structures, facilities, sites, areas, or other such historic objects.

[1] Editor's Note: Said vote was held 11-8-2016.

§ 26-2 Establishment of Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund; purpose; funding.

A. There is hereby established a reserve in the general capital fund which shall be known and designated as the "Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund." A special bank account shall be opened and maintained for this purpose. Funds from the Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund may, as directed by the Mayor and Township Committee, be utilized for the following purposes:

(1) Acquisition of lands for recreation and conservation purposes.

(2) Development of lands acquired for recreation and conservation purposes.

(3) Maintenance of lands acquired for recreation and conservation purposes.

(4) Acquisition of farmland for farmland preservation purposes.

(5) Historic preservation of historic properties, structures, facilities, sites, areas, or objects, and the acquisition of such properties, structures, facilities, sites, areas or objects for historic preservation purposes

B. The Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund shall be funded through the dedication to the fund of an amount of $0.03 per $100 of the assessed value of real property located within the Township of each annual tax levy. The trust fund shall also be permitted to accept donations and testamentary bequests. The funds accumulated within the Trust Fund may be utilized at the discretion of the Township Committee for preservation of open space, creation and maintenance of recreation areas and/or for public historic preservation within Oldmans Township. It would further allow the Township of Oldmans to take advantage of available grants from the State Agriculture Development Committee. Additionally, funds could also be spent for the creation of greenways and trails to promote passive recreation opportunities for the residents of Oldmans Township. Any and all interest accruing on the fund shall be placed back into the trust fund.