[HISTORY: Adopted by the Township Committee of the Township of South Harrison 9-8-1993 by Ord. No. 0-4-93. Amendments noted where applicable.]
The purpose of this Parkland Trust Fund chapter is to set up a permanent fund that will allow land developers, businesses, private citizens, government agencies (local, county, state and federal) and others to donate or grant funds that will be dedicated to the enlargement or improvement of the South Harrison Township park system.
The funds set aside in this Parkland Trust Fund shall be limited to the purchase of additional South Harrison Township parkland, or improvements to South Harrison Township parkland, which purchases must be a capital expenditure for property or improvements listed in N.J.S.A. 40A:2-22 and having a period or usefulness of at least five years as set forth in that statute.
Expenditures from this Parkland Trust Fund shall be by capital ordinance or capital budget appropriation titled "Parkland Trust Fund."
All interest earned by this Parkland Trust Fund shall remain in the trust fund and become available for use in the same manner as all other funds in the trust.
The Township Committee shall insure that the minimum balance in the fund never falls below $3,000 and shall annually budget an amount in the Capital Budget under the title of "Parkland Trust Fund."
Funds may be used as a down payment as required in a bond ordinance (N.J.S.A. 40a:2-11), provided the expenditure of funds authorized by the bond ordinance is in strict compliance with the purchase limits set forth in this chapter.
The Parkland Trust Fund shall be initially set up and maintained in accordance with the annual resolutions covering depositories and investment of funds.
The Municipal Finance Officer shall be the sole custodian of the fund and shall issue a monthly report to the South Harrison Township Committee showing the year-to-date interest earned, the current interest rate and fund balance.
Use of funds from this Parkland Trust Fund is strictly limited to the purchase of land and land improvements for use by the residents of South Harrison Township. Expenditure of funds from this Parkland Trust Fund for operating and maintenance of parklands is prohibited, as is the purchase of supplies and equipment that do not become a real estate fixture to parklands.
[Added 7-24-2001 by Ord. No. 0-01-06]
Use of funds from this Parkland Trust Fund may be used for engineering design on existing South Harrison Township parkland.