There is hereby established an Open Space Trust
Fund, which fund shall be administered by the governing body of the
Township of Cedar Grove.
A. Powers and duties. The governing body of the Township
of Cedar Grove is authorized by majority vote to make the acquisition
of lands, acquisition of property or easements within the Township
of Cedar Grove for active and passive recreation, and for conservation
purposes. The governing body shall determine the amount of funds that
it will make available for each acquisition.
B. Funding. There is hereby established a reserve in
the Township's general capital fund which shall be known and designated
as the "Open Space Trust Fund." A separate bank account shall be opened
and maintained for this purpose.
(1) The funds from the account may be used, as directed
by the governing body, to acquire vacant land, easements and development
rights. The funds from the account may also be used to acquire land
which has improvements on it at the time of acquisition provided that
the principal purpose of the acquisition is to preserve open space.
In the event that the governing body shall find it appropriate to
apportion the cost of acquisition between open space and improvements,
it may do so and charge the Open Space Trust Fund for the approximate
value that the governing body deems relative to open space and the
Township's capital account for the value that it determines attributable
to improvements.
(2) The Open Space Trust Fund shall be funded through
the dedication to the fund of an amount of up to $0.02 per $1,000
of assessed valuation of each annual tax levy. The Open Space Trust
Fund shall also be permitted to accept donations and testamentary
bequests. The monies accumulated within the Open Space Trust Fund
may be utilized for the acquisition of land and/or easements. Any
and all interest accruing shall remain in the Open Space Trust Fund
and may be utilized for the above-described purposes.
[Amended 1-25-2010 by Ord. No. 10-704; 12-20-2010 by Ord. No. 10-721]
(3) After five years from the date of enactment of this
chapter, the Township Council shall review the desirability of the
continuation of additional funding of the Open Space Trust Fund and
either authorize the continuation or termination of the fund. In the
event a determination is made not to continue funding, this chapter
shall no longer be valid five years from the date of its enactment.
C. Disposition of property or other interests in land.
No property or interest in land acquired with monies from the Open
Space Trust Fund shall be leased, sold or otherwise disposed of by
the Township until the disposition has been authorized by the Township
Council after and in accordance with a binding public referendum.
There is hereby established an Open Space Trust
Committee, which shall consist of seven members whose terms and powers
are hereinafter set forth.
The Open Space Trust Committee shall be comprised
of the following persons:
A. One member of the Township Council of the Township
of Cedar Grove appointed by the Township Council.
B. A Township employee of the Township of Cedar Grove
appointed by the Township Council.
[Amended 2-12-2001 by Ord. No. 01-550]
C. Five residents, plus two alternate residents, of the
Township approved by the Township Council.
[Amended 3-15-2004 by Ord. No. 04-608]