A. 
There is hereby established a reserve in the Other Trust Fund which shall be known and designated as the "Farmland Preservation and Open Space Trust Fund." A special bank account shall be opened and maintained for this purpose. Funds from the Farmland Preservation and Open Space Trust Fund may, as directed by the Township Committee, be utilized to acquire by gift, purchase or by eminent domain, vacant land, easements other than development easements, and land which has improvements upon it at the time of acquisition. Development easements shall be acquired only by purchase pursuant to contract with the landowner. The principal purpose of the acquisition shall be for any or all of the following purposes, or any combination thereof:
(1) 
The purchase of property, easements or development rights within the Township of White for the preservation of farmland, active and passive recreation, or the protection of drinking water sources;
(2) 
Acquisition of lands or easements for recreation and conservation purposes;
(3) 
Development of lands acquired for recreation and conservation purposes;
(4) 
Payment of debt service on indebtedness issued or incurred by the Township of White for any of the purposes set forth in Subsection A(1) through (3) above.
B. 
Any such land or improvements purchased hereunder shall be held by White Township in trust for the benefit of Township residents.
The Township Committee, after reviewing any recommendations of Open Space Committee and the holding of a public hearing thereon, shall apportion and allocate the monies from the Farmland Preservation and Open Space Trust Fund.
The Farmland Preservation and Open Space Trust Fund shall be funded through the dedication to the fund of an amount of $0.02 per $100 of assessed valuation of each annual tax levy commencing with the tax and budget year 1999. The fund shall also be permitted to accept donations and testamentary bequests. The accumulated receipts and deposits within the fund may be utilized for the purposes set forth in § 33-1 herein. Any and all interest accruing shall be retained in and used for the same purposes as established in accordance with § 33-1 herein.