A. 
Pursuant to N.J.S.A. 40:12-15.7c, there is hereby established an account which shall be known and designated as the "Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund" which shall be maintained in accordance with N.J.S.A. 40A:4-1 and 40A:5-1 and shall be used exclusively for the purposes authorized by the voters of the municipality. Any interest or other income earned on moneys deposited into the municipal trust fund shall be credited to the fund to be used for the same purposes as the principal.
B. 
In the discretion of the Chief Financial Officer, for purposes of efficiency and/or convenience, a separate account may be established within the municipal trust fund for the deposit of revenue to be expended for each of the purposes specified in the proposition approved by the voters of the municipality.
A. 
In accordance with N.J.S.A. 40:12-15.7c, the Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund shall be funded through the dedication to the fund of an amount of $0.01[1] per $100 of assessed valuation of each annual tax levy. State and county financing shall also be received into the fund, in accordance with the Farmland Preservation Programs, and as otherwise provided by law. The fund shall also be permitted to accept donations and testamentary bequests.
[Amended 10-10-2002 by Ord. No. 2002-29; 11-2-2010]
[1]
Editor's Note: The previous fee of $0.02 per $100 of assessed valuation (commencing in 2002) was reduced to $0.01 per $100 of assessed valuation by referendum held at the November 2, 2010, General Election.
B. 
The funds accumulated within the trust fund/funds may be utilized only for costs incurred regarding the acquisition of land and/or development rights in land for farmland preservation, open space, passive recreation and conservation or for historic preservation purposes, including appraisal costs and other items of expense permitted by law in connection with the acquisition or as a down payment for the issuance of bonds for the same purpose at the discretion of the Township Council. The Township Council is to determine the properties or development rights to be acquired by gift, purchase or by eminent domain proceedings, pursuant to N.J.S.A. 20:3-1 et seq., within the financial constraints it establishes.
[Amended 10-10-2002 by Ord. No. 2002-29]
C. 
The fund may also be used for any purposes authorized by the voters of the municipality pursuant to N.J.S.A. 40:12-15.7 et seq.
Any property acquired with the funds from the Farmland Preservation and Open Space Dedicated Trust Fund may be leased or sold in accordance with any applicable law, provided the proceeds of said sale are deposited into the Farmland Preservation and Open Space Fund, as set forth in § 30-8 of this chapter.
[Amended 10-10-2002 by Ord. No. 2002-29]
In the event that no property is acquired under this chapter for a period of five consecutive years, then the Mayor shall review the activities of the Farmland, Historic and Open Space Committee and issue a report to the Township Council with recommendations and conclusions concerning the reserve for farmland, open space, passive recreation and historic site acquisition and preservation.