There is hereby established a reserve in the General Capital
Fund, which shall be known and designated as the "Municipal Open Space,
Recreation and Farmland and Historic Preservation Trust Fund." A special
bank account shall be opened and maintained for this purpose. Funds
from the Municipal Open Space, Recreation and Farmland and Historic
Preservation Trust may be utilized to acquire by gift, purchase or
by eminent domain proceedings, easements, vacant land, as well as
land which has improvements thereon at the time of acquisition, where
the principal purpose of the acquisition is for any and all of the
following purposes or any combination thereof:
A. Acquisition of lands for recreation and conservation purposes;
B. Development of lands acquired for recreation and conservation purposes;
C. Maintenance of lands acquired for recreation and conservation purposes;
D. Acquisition of farmland for farmland preservation purposes;
E. Historic preservation of historic properties, structures, facilities,
sites, areas or objects and the acquisition of such properties, structures,
facilities, sites, areas or objects for historic preservation purposes;
or
F. Payment of debt service on indebtedness issued or incurred by the Township for any of the purposes set forth in Subsections
A through
E above.
A special tax rate shall be added to the total Township tax
rate in the amount of $0.02 per $100 of the assessed valuation of
all real property within the Township. The fund shall also be permitted
to deposit donations, testamentary bequests and funds from any source
as the Township may, from time to time, deem appropriate. The Open
Space, Recreation and Farmland and Historic Preservation Trust Fund
created by this article shall be administered in accordance with applicable
statutory provisions, including, without limitation, N.J.S.A. 40:12-15.1
et seq.
No real property or interest therein acquired with funds from
the trust fund shall be sold, conveyed, leased or otherwise alienated
unless it is needed for another public purpose or otherwise furthers
the purposes of the trust. If such a sale, lease or conveyance is
made, the Township shall place the monies received into the trust
fund.
There is hereby established an Open Space Committee which shall
consist of nine members whose terms and powers are hereinafter set
forth.