[Adopted 8-11-1998 by Ord. No. 98-10]
The Mayor and Borough Council, annually, after the holding of one public hearing thereon, shall apportion and allocate the use of such tax receipts among the purpose or purposes set forth in §
39-1B(1) through
(6).
[Amended 6-22-2004 by Ord. No. 04-16; 3-22-2005
by Ord. No. 05-06]
The Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund shall be funded through the dedication to the fund of an amount of $0.04 per $100 of assessed valuation of each annual tax levy commencing with the tax year and budget year 2005. 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 §§
39-1 and
39-2 herein. Any and all interest accruing shall be retained in and used for the same purposes as established in accordance with §§
39-1 and
39-2 herein.
In the event that no property is acquired under this article for a period
of five consecutive years, then the Mayor and Borough Council shall review
the activities of the Advisory Open Space Council and issue a report with
recommendations and conclusions concerning the continuation of the fund.