There is hereby established an Open Space Committee
which shall consist of seven members whose terms and powers are hereinafter
set forth.
[Amended 10-26-2021 by Ord. No. 2021-12]
The Open Space Committee shall be comprised
of the following persons:
A. One member of the Township Committee of the Township
of Hampton appointed by the Township Committee.
B. Three Planning Board members of the Township appointed
by the Township Committee.
C. Three residents of the Township appointed by the Township
Committee.
The Open Space Committee shall hold its initial
organization meeting shortly after this chapter takes effect.
There is hereby established a reserve in the
general capital fund which shall be known and designated as the "Reserve
for Open Space Acquisition." A separate bank account shall be opened
and maintained for this purpose. Funds from the Reserve for Open Space
Acquisition may, as directed by the Township Committee, be utilized
to acquire vacant land, as well as land which has improvements upon
it at the time of acquisition, where the principal purpose of the
acquisition is to preserve open space, recreation, farmland preservation
and/or historic preservation. In the event that the Township Committee
shall find it appropriate to apportion the cost of acquisition between
open space and improvements, it may do so and charge the Reserve for
Open Space Acquisition for the approximate value that it deems appropriate
relative to open space and the township's capital account for the
value that it determines shall be attributed to improvements.
The Reserve for Open Space Acquisition shall
be funded through the dedication to the fund in an amount not to exceed
$0.03 per $100 of assessed valuation of each annual tax levy commencing
with the year 1999. The amount to be funded shall be determined by
resolution annually by the Township Committee. The reserve shall also
be permitted to accept donations and testamentary bequests. The funds
accumulated within the reserve may be utilized for the acquisition
of land or development rights in land or as a down payment of the
issuance of bonds for the same purpose at the discretion of the Township
Committee or for the payment of debt service of indebtedness issued
or incurred by the township for any purpose contemplated by this chapter.
Any and all interest accruing shall remain in the reserve and may
be utilized for the above-described purposes.
In the event that no property is acquired under
this chapter for a period of five consecutive years, then the Township
Committee shall review the activities of the Open Space Committee
and issue a report with recommendations and conclusions concerning
the Reserve for Open Space Acquisition.