[HISTORY: Adopted by the Town Council of the Town of Rocky Hill 10-7-2003 by Ord. No. 218-03; amended in its entirety 5-7-2007 by Ord. No. 235-07. Subsequent amendments noted where applicable.]
The Town of Rocky Hill has concerns about the conservation and preservation of natural habitats and open space; and
As the Town is committed to retain certain parcels in perpetuity as conservation and open space areas, there needs to be a mechanism to provide for maintenance, capital improvements and environmental studies of these areas.
There is hereby established a permanent endowment fund to be known as the "Rocky Hill Land Preservation Trust Fund." Said fund is established under the authority of the General Statutes of Connecticut and for the exclusive purpose of funding capital improvements and nonrecurring expenses on land conservation areas owned by the Town of Rocky Hill and the acquisition of additional conservation and open space properties.
The principal and income of the Fund shall consist of the following:
One Hundred Percent of the proceeds of any land sold by the Town of Rocky Hill shall be deposited in this trust fund. A portion of this fund may be used for capital improvements and nonrecurring expenses for such property acquired through this trust fund.
Any gifts or grants made to the Town and designated for conservation or open space or preservation shall be part of the fund unless it is specifically noted in the gift that only the income can be utilized and the principal must be retained or the requirements of the grant or gift cause the expenditure of such funds for the purpose of acquisition of land for the open space, conservation or passive recreation or the mitigation of wetlands.
Any funds from any source designated by the Town Council or land use boards are to be added to this permanent fund. Funds are to include but not be limited to funds in lieu of open space or funds in lieu of mitigating wetlands areas. Such fair market value of subject land shall be determined by an appraiser jointly selected by Town staff and the developer and funded by the developer, and otherwise in accordance with Chapter 126, Section 8-25(b), of the Connecticut General Statutes, entitled Fund. Payments in Lieu of Open Spaces.
Any income earned by this fund shall be reinvested in this trust fund and is to be invested in accordance with the Town Charter and the General Statutes of Connecticut with the objective of generating income and growth over time consistent with preservation of capital. The first $50,000 in total principal and income shall establish a reserve for endowments in the Land Preservation Trust Fund's fund balance.
Principal and any income from this fund is to be expended in the following manner:
The principal and income from this trust fund may be transferred to the Capital Improvements Nonrecurring Land Acquisition and Preservation Fund.
The transferred funds can be appropriated for the acquisition, conservation and preservation of open space lands and wetlands of the Town of Rocky Hill for the purposes of conservation, open space or passive recreation.
The transfer must be approved by a majority of the Town Council in consultation with the Town Manager. Said transfer will be considered by the Planning and Zoning Commission only as may be required by Section 8-24 of the Connecticut General Statutes, for the purpose of preparing a report as required by said statute. The Town Council may also request recommendations, concerning whether or not to approve any such transfers, from the Planning and Zoning Commission, Inland Wetlands Agency, Open Space and Conservation Commission and/or the Parks and Recreation Advisory Board, as the Council deems appropriate.
Any remaining income shall be held in reserve for future transfer and appropriation.
The fund balance of this fund shall not be expended below $50,000.