[HISTORY: Adopted by the Borough Council of the Borough of Caldwell 4-17-2018 by Ord. No. 1344-18. Amendments noted where applicable.]
There is hereby established a reserve in the Borough's trust fund which shall be known and designated as the "Open Space Trust Fund." The Open Space Trust Fund shall be funded through the dedication to the fund of an amount not to exceed $0.01 per $100 of assessed valuation of each annual tax levy. This amount may be altered by the passage of a new referendum. The fund shall also be permitted to accept donations and testamentary bequests.
Funds from the account may be used, as directed by the Mayor and Borough Council, to acquire vacant land, easements, development rights and historic sites. Funds from the account may also be used to acquire land which has improvements upon it at the time of acquisition, provided the principal purpose of the acquisition is to preserve open space. The funds also may be used as a down payment for or payment of the issuance of bonds for the same purpose at the discretion of the Mayor and Borough Council.
A separate bank account shall be maintained to hold the reserve proceeds created in this chapter. Any and all interest accruing in the account shall remain in the fund and may be utilized for purposes set forth in this chapter.
No property or interest in land acquired with funds from the Open Space Trust Fund shall be leased, sold or otherwise disposed of by the Borough until the disposition has been authorized by the Mayor and Borough Council after and in accordance with a binding public referendum.
All ordinances and/ or resolutions of the Borough of Caldwell which are inconsistent with the provisions of this chapter are hereby repealed to the extent of such inconsistency.
If any section, subsection, sentence, clause or phrase of this chapter is for any reason held to be unconstitutional or invalid, such decision shall not affect the remaining portions of this chapter.
This chapter shall take effect immediately upon final passage, approval and publication as required by law.