Pursuant to Connecticut General Statutes § 7-131r,
the Town of Wethersfield shall hereby establish a Land Acquisition
Fund, hereinafter referred to as the "fund." There shall be deposited
in said fund, annually, an amount not to exceed the amount which would
be generated by the imposition of a tax of two mills against the property
subject to tax in such municipality pursuant to Chapter 203 (§ 12-40
et seq.) of the Connecticut General Statutes, as may be appropriated
by the municipality.
The fund shall be in the custody of the Finance Director of the Town of Wethersfield. All or any part of the moneys in said fund may, from time to time, be invested in any investments in which public funds may be lawfully invested. All income derived from such investments shall be paid into the fund and become a part thereof. The moneys so invested shall at all times be subject to withdrawal from such investments for use as provided in §
14-10 below.
Annually, the Finance Director, as custodian
of the fund, shall submit to the Council a complete and detailed report
of the condition of said fund, which report shall be made a part of
the annual municipal report.
Such fund shall be used by the municipality
for the acquisition of land to be used for open space, recreation
or housing.
Such fund shall not lapse at the close of the
municipal fiscal year.