[1977 Code § 89-1]
There shall hereby be a trust fund known as the "Absecon Trust Fund Future Fire Protection." The fund shall be established in the official depository for the City of Absecon City in an interest-bearing account, and said interest shall remain in and follow the principal for use to fund future fire protection as a result of development in the City of Absecon City.
[1977 Code § 89-2]
The moneys contained in the fund shall be expended by ordinance and used solely for meeting capital expenditures for needed fire protection in the City of Absecon City in an effort to maintain the present fire rate.
[1977 Code § 89-3]
The City Clerk and the City Administrator shall have the power to negotiate with developers who develop either residential or commercial developments that impact on the fire rate and, by doing so, cause capital expenditures in order to effect or maintain the present fire rate.
[1977 Code § 89-4]
The negotiations shall be based on a per-unit price for each development. The fund shall be paid to the City by the developer in addition to any other funds or municipal improvements mandated by Chapter 224, Land Use and Development of the Code of the City of Absecon City and deposited in the aforementioned trust fund.
[1977 Code § 89-5]
The Mayor and Council shall have the final approval of such negotiations before said negotiation shall be binding on the City or the developer.
[1977 Code § 89-6]
All funds shall be expended from said account based on capital need of the Fire Department as requested by said Department and approved by Mayor and Council.
[1977 Code § 89-7]
Any funds so expended shall be transferred from the account to the capital account of the City of Absecon City by a check signed by the Mayor, City Treasurer and Chief Financial Officer/City Clerk and expended in accordance with the rules and regulations of the Division of Local Government Services.