There is hereby created a Borough of Fanwood Municipal Open
Space, Recreation, Floodplain Protection, and Farmland and Historic
Preservation Trust Fund, whose purposes are set forth below.
The purposes of the Borough of Fanwood Municipal Open Space,
Recreation, Floodplain Protection, and Farmland and Historic Preservation
Trust Fund are as follows:
A. Acquisition of lands within the Borough for recreation and conservation
purposes;
B. Development of lands acquired within the Borough for recreation and
conservation purposes;
C. Maintenance of lands acquired within the Borough for recreation and
conservation purposes;
D. Acquisition of farmland within the Borough for farmland preservation
purposes;
E. Historic preservation of historic properties, structures, facilities,
sites, areas, or objects within the Borough, and the acquisition of
such properties, structures, facilities, sites, areas, or objects
for historic preservation purposes;
G. Payment of debt service on indebtedness issued or incurred by the Borough for any of the purposes set forth in Subsections
A,
B,
D,
E or
G above.
Beginning in 2017, a special tax rate shall be added to the
total Borough tax rate in an amount not to exceed $0.01 per $100 of
the assessed value of each and every taxable property located within
the Borough, the revenue from which shall be deposited into the Borough
of Fanwood Municipal Open Space, Recreation, Floodplain Protection,
and Farmland and Historic Preservation Trust Fund. The tax rate shall
be established by resolution of the Borough Council, and may be modified
from time to time thereafter by resolution of the Borough Council.
All amounts raised by the tax levy imposed pursuant to this
chapter shall be deposited into the Borough of Fanwood Municipal Open
Space, Recreation, Floodplain Protection, and Farmland and Historic
Preservation Trust Fund and shall be used exclusively for the purposes
set forth above. Any interest or other income earned on monies deposited
into the trust fund shall be credited to the fund to be used for the
same purposes as the principal. The percentage of funds to be allocated
to each purpose shall be established by resolution of the Borough
Council after conducting at least one public hearing thereon. Any
amendment to said percentages may be made by resolution of the Borough
Council after conducting at least one public hearing thereon.
The Borough Chief Finance Officer, Tax Assessor, Tax Collector,
Auditor, Clerk and other official and/or professional, as applicable,
hereby is authorized to take all necessary and proper action to implement
this chapter and maintain, operate and administer the Borough of Fanwood
Municipal Open Space, Recreation, Floodplain Protection, and Farmland
and Historic Preservation Trust Fund and tax levy created herein.
If any provision of this chapter or the application of this
chapter to any person or circumstances is held invalid, the remainder
of this chapter shall not be affected and shall remain in full force
and effect.