[Ord. #98-01, S 1; Ord. #2013-007; Ord. #2017-002]
At the election of November 8, 2016, the voters of the Township of Bedminster approved the use of the Open Space Trust Fund to include maintenance of Township open space.
There is hereby established a reserve in the General Capital Fund which shall be noted and designated as the "Open Space Trust Fund". A separate bank account shall be established and maintained therefor entitled "Bedminster Township Open Space Trust Account". As directed by the Township Committee, funds from the Open Space Trust Fund may be utilized (1) to acquire all types of interests in real property, including, not by way of limitations, fee simple acquisitions, easements, development rights, or any other lesser interests in real estate which will further the goal of open space acquisition and preservation; (2) to develop and improve lands acquired for recreation and conservation purposes; (3) for the maintenance of lands acquired by the Township for recreation and conservation purposes; (4) for the 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; and (5) towards the payment of debt service on indebtedness issued or incurred by the Township for any of the purposes set forth in (1), (2), (3) and (4) above. The lands in which such interests may be acquired shall include undeveloped land as well as land containing improvements at the time of acquisition provided the principal purpose of the acquisition is to preserve open space. The Township Committee shall have the option of paying for land acquisitions with improvements upon them either solely through the Open Space Trust Fund or by apportioning the cost thereof by charging the Open Space Trust Fund for the land portion and the capital account for the improvement portion. It is understood that such acquisition may occur via gift, purchase or by eminent domain proceedings pursuant to N.J.S.A. 20:3-1 et seq. In addition, the Township Committee may authorize the disbursement of monies from the Open Space Trust Fund to assist any recognized public or recognized private entity in acquiring interests in real property, located within the Township, for the purposes stated herein, provided that suitable arrangements are made to assure (i) that such lands are made subject to restrictions substantially similar to those imposed by this ordinance, and (ii) that in the event such interests subsequently are sold, the net proceeds of such disposition will be paid over to the Township's Open Space Trust Fund in the same proportion that the Township's contribution bore to the original price.