[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.]
A.
The Town of Rocky Hill has concerns about the conservation
and preservation of natural habitats and open space; and
B.
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:
A.
Funding.
(1)
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.
(2)
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.
(3)
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.
B.
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:
A.
The principal and income from this trust fund may be
transferred to the Capital Improvements Nonrecurring Land Acquisition and
Preservation Fund.
B.
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.
C.
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.
D.
Any remaining income shall be held in reserve for future
transfer and appropriation.
E.
The fund balance of this fund shall not be expended below
$50,000.
