There is hereby established an account to be known and designated as the "Open Space and Recreation Fund" (the "fund") which shall be maintained in accordance with N.J.S.A. 40A:4-1 and N.J.S.A. 40A:5-1. Funds from the fund may, as directed by the Borough Council, be utilized to acquire or develop vacant land, as well as land which has improvements upon it at the time of acquisition, or to acquire development rights, where the principal purpose of the acquisition is to preserve open space and recreation.