[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repealed to the extent of such inconsistency.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.
