Finance — See Ch. 31.
ARTICLE IOpen Space Dedicated Trust Fund (§ 36-1 — § 36-4)
§ 36-2Funding; utilization of funds.
§ 36-3Sales of acquired property.
§ 36-4Notice of improvements to properties
purchased with open space funds.
There is hereby established an account which shall be known and designated as the "Open Space Dedicated Trust Fund" which shall be maintained in accordance with N.J.S.A. 40A:4-1 and N.J.S.A. 40A:5-1.
The Open Space Trust Fund shall be funded through the dedication to the fund of an amount of $0.059 per $100 of assessed valuation for each annual tax levy. The fund shall also be permitted to accept donations and testamentary bequests.
The funds accumulated within the trust fund may be utilized only for the purposes permitted in N.J.S.A. 40:12-15.7 which are:
The acquisition of lands for recreation and conservation purposes.
The development of lands acquired for recreation and conservation purposes.
The maintenance of lands acquired for recreation and conservation purposes.
The acquisition of farmland for farmland preservation purposes.
The payment of debt service on indebtedness issued or incurred for any of the purposes set forth above.
No property acquired with these funds from the Open Space Trust Fund shall be leased or sold until the sale or lease of the same has been approved by the voters at a referendum.
Prior to making any improvements to property purchased with funds from the Open Space Trust Fund, the Township shall notify all property owners within 200 feet of the property wherein the improvements are proposed. The notice shall be sent by regular mail to all property owners shown on the list prepared by the Township of Montville Tax Assessor and shall be sent at least 10 days prior to the Township Committee's public hearing. Failure to provide this notice shall not invalidate any action taken by the Township.