A permanent fund, to be known as the "Land Bank Fund," to be used for the acquisition of land for municipal purposes is hereby established. Funding for said Fund may by Town Meeting vote be obtained from the sale of parcels of tax title, tax possessions, and Town property, from state and federal grants or aid, from gifts, from trusts and foundations and from any other source that the Town may vote to appropriate to the Fund.
[HISTORY: Adopted by the Town Meeting of the Town of Rockport 3-22-1997 (Ch. 7D of the 1997 Code of By-laws). Amendments noted where applicable.]
The Town may appropriate money from the fund only for the acquisition of land for municipal purposes by a two-thirds vote in favor of such appropriation at any regular or special Town Meeting.