[HISTORY: Adopted by the Mayor and Council of the Borough of Clayton 12-26-1991 by Ord. No. 91-26. Amendments noted where applicable.]
GENERAL REFERENCES
Park and recreation committee — See Ch. 16.
Parks and recreation areas — See Ch. 68.
Unified development — See Ch. 88.
All interest earned on investment from developer contributions to the Borough of Clayton Parks and Recreation Escrow Account shall be deposited in said escrow account and shall be used to offset the cost of parks and recreation capital improvement projects in accordance with the provisions of Chapter 88, Unified Development, of this Code.
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Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
No ordinance appropriating funds from the Borough of Clayton Parks and Recreation Escrow Account shall render the balance of said escrow account to less than $100,000 unless the ordinance, by its terms and pursuant to the provisions of N.J.S.A. 40:69A-185 et seq., requires that said appropriation be submitted by referendum to the qualified voters of the Borough of Clayton.