[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.
