Borough of Riverdale, NJ Chapter 121 Open Space, Recreation, Farmland and Historic Preservation Trust Fund

[HISTORY: Adopted by the Mayor and Council of the Borough of Riverdale 12-20-2004 by Ord. No. 23-2004. Amendments noted where applicable.]

§ 121-1 Establishment.

There is hereby established an account which shall be known as the "Borough of Riverdale Open Space, Recreation, Farmland and Historic Preservation Trust Fund," which shall be maintained and administered in accordance with N.J.S.A. 40:12-15.7 et seq.

§ 121-2 Funding.

The Borough of Riverdale Open Space, Recreation, Farmland and Historic Preservation Trust Fund shall be funded through the dedication of an amount to be determined annually by the Borough Council not to exceed $0.01 per $100 of assessed valuation for each annual tax levy. The Fund shall also be permitted to accept donations and testamentary requests.

§ 121-3 Purpose.

The Borough of Riverdale Open Space, Recreation, Farmland and Historic Preservation Trust Fund shall be utilized for any of the following purposes:

A. Acquisition of lands for recreation and conservation purposes;

B. Development of lands acquired for recreation and conservation purposes;

C. Maintenance of lands acquired for recreation and conservation purposes;

D. Acquisition of farmland for farmland preservation purposes;

E. Historic preservation of historic properties, structures, facilities, sites, areas or objects, and the acquisition of such properties, structures, facilities, sites, areas or objects for historic preservation purposes; or

F. Payment of debt service on indebtedness issued or incurred by a municipality for any of the purposes set forth in Subsection A, B, D or E of this section.

§ 121-4 Use of land acquired.

Lands acquired by the Borough of Riverdale through the Borough of Riverdale Open Space, Recreation, Farmland and Historic Preservation Trust Fund shall be held in trust and shall be used exclusively for the purposes authorized under N.J.S.A. 40:12-15.1 et seq.