There is hereby established a reserve in the general capital fund which
shall be known and designated as the "Municipal Open Space, Farmland and Recreation
and Historic Preservation Trust Fund." A special bank account shall be opened
and maintained for this purpose. Funds from the Municipal Open Space, Farmland
and Recreation and Historic Preservation Trust Fund may, as directed by the
Mayor and Township Committee, be utilized to acquire by gift, purchase or
by eminent domain proceedings pursuant to N.J.S.A. 20:3-1 et seq. development
easements, vacant land, as well as land which has improvements upon it at
the time of acquisition, where the principal purpose of the acquisition is
for any or all of the following purposes, or any combination thereof:
A. Acquisition of farmland for farmland preservation purposes;
B. Development of lands acquired for recreation and conservation
purposes;
C. Maintenance of lands acquired for recreation and conservation
purposes;
D. Acquisition of lands for recreation and conservation
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 of West Amwell for any of the purposes set forth in Subsections
A through
E above.
The Mayor and Township Committee, 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 §
35-1A through
F.
[Amended 12-19-2001 by Ord. No. 01-17; 12-29-2004
by Ord. No. 20-2004]]
The Municipal Open Space, Farmland and Recreation and Historic Preservation Trust Fund shall be funded through the dedication to the fund of an amount of $0.06 per $100 of assessed valuation of each tax levy commencing with the year tax and budget year 2005. The fund shall also be permitted to accept donations and testamentary bequests. The accumulated receipts and deposits with the fund may be utilized for the purposes set forth in §§
35-1 and
35-2 herein. Any and all interest accruing shall be retained in and used for the same purposes as established in accordance with §§
35-1 and
35-2 herein. All moneys set aside for open space as of the effective date of this chapter shall be deposited into the fund.