There is hereby established a reserve in the General Trust Fund which shall be noted and designated as the Open Space Trust Fund ("Trust Fund" hereinafter). A separate bank account shall be established and maintained entitled "Town of Phillipsburg Open Space Trust Account."
A.
Funding. Beginning in 2018, a special tax rate shall be added to the total town tax rate in the amount not to exceed one ($0.02) cent per $100 of the annual assessment valuations and tax rate, the revenue from which shall be deposited in the Trust Fund. The Town may, in its discretion, deposit additional municipal monies into the Trust Fund, which deposits shall then be subject to all of the provisions governing the Trust Fund. The Trust Fund shall also be authorized to accept donations and testamentary bequests.
B.
Purpose and utilization of funds.
(1)
Pursuant to N.J.S.A. 40:12-15.7, the annual levy shall be used for the following purposes:
(a)
Maintenance of lands acquired for recreation and conservation;
(b)
Development of lands acquired for recreation and conservation;
(c)
Acquisition of lands for recreation and conservation;
(d)
Preservation of historic properties, structures, facilities, sites, areas, or objects, and the acquisition of such properties, structures, facilities, sites, areas, or objects;
(2)
The Council shall determine the appropriate amount to be allocated to each purpose after holding one or more hearings thereon.
C.
Sale of property. No real property or interest therein, acquired with funds from the Trust Fund, shall be sold, conveyed, leased or otherwise disposed by the Town unless it is needed for another public use or otherwise furthers the purposes of the Trust. If such a sale, lease or conveyance is made, the Town shall be required to place the monies received into the Trust Fund as provided in N.J.S.A. 40:12-15.9.