[HISTORY: Article I adopted by the Township Committee (now Council) of the Township of Jackson as indicated in article histories. Subsequent articles adopted by the Township Council as indicated in article histories. Amendments noted where applicable.]
[Adopted 12-10-2001 by Ord. No. 47-01 (Ch. 80 of the 1972 Code)]
There is hereby established a reserve in the General Trust Fund which shall be noted and designated as the "Open Space Trust Fund." A separate bank account shall be established and maintained entitled "Township of Jackson Open Space Trust Account."
As authorized by ordinance, funds from the Open Space Trust Fund may be utilized to acquire all types of interests in real property, including, but not by way of limitation, fee simple acquisitions, easements, development rights, or any other lesser interest in real estate which will further the goal of property acquisitions for passive recreation, active recreation and water quality protection. The Township shall have the option of funding property acquisitions with funds solely from the Open Space Trust Fund or by apportioning the cost thereof by charging the Open Space Trust Fund for a portion thereof. It is understood that acquisitions may occur via gift, purchase or by eminent domain.
In addition, the Township may authorize the disbursement of monies from the Open Space Trust Fund to assist the County of Ocean or the State of New Jersey or any political subdivision thereof in acquiring interests in real property located within the Township of Jackson for the purposes stated herein, provided that, in the event such interests are sold, the net proceeds of such disposition will be paid to the Township's Open Space Trust Fund in the same proportion that the Township's contribution bore to the original acquisition price.
[Amended 12-13-2004 by Ord. No. 42-04; 2-23-2010 by Ord. No. 03-10]
Beginning in 2010, a special tax rate shall be added to the total Township rate in the amount of $0.02 per $100 of the annual assessment valuations and tax rate, the revenue from which shall be deposited into the Open Space Trust Fund. The Township may, in its discretion, deposit additional municipal monies into the Open Space Trust Fund, which deposits shall then be subject to all of the provisions governing the Open Space Trust Fund. The Open Space Trust Fund shall also be authorized to accept donations and testamentary bequests.
The funds accumulated within the Open Space Trust Fund shall be utilized for the acquisition of real estate and interests in real estate as more fully delineated in § 29-1 hereinabove. In connection with such acquisitions, the funds may be utilized for appraisals, title fees, professional fees and other items of expense permitted by law in connection with the acquisition of real estate. Additionally, funds accumulated within the Open Space Trust Fund may be used as a down payment for the issuance of bonds or for debt service for the same purpose at the discretion of the Township Committee. Any and all interest or gain accruing shall remain in the Open Space Trust Fund and may be utilized for the above-described purposes.
The land acquired under the Open Space Trust Fund shall be utilized for all categories of open space, including parks, recreation areas, natural areas and such other uses consistent with the concept of open space.
No real property or interest therein acquired with funds from the Open Space Trust Fund shall be sold, conveyed, leased or otherwise alienated, unless it is needed for another public use or otherwise furthers the purposes of the trust.