[HISTORY: Adopted by the Mayor and Council of the Borough of Fanwood 6-18-2018 by Ord. No. 18-07-R. Amendments noted where applicable.]
There is hereby created a Borough of Fanwood Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund, whose purposes are set forth below.
The purposes of the Borough of Fanwood Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund are as follows:
A. 
Acquisition of lands within the Borough for recreation and conservation purposes;
B. 
Development of lands acquired within the Borough for recreation and conservation purposes;
C. 
Maintenance of lands acquired within the Borough for recreation and conservation purposes;
D. 
Acquisition of farmland within the Borough for farmland preservation purposes;
E. 
Historic preservation of historic properties, structures, facilities, sites, areas, or objects within the Borough, and the acquisition of such properties, structures, facilities, sites, areas, or objects for historic preservation purposes;
F. 
Blue Acres projects; or
G. 
Payment of debt service on indebtedness issued or incurred by the Borough for any of the purposes set forth in Subsections A, B, D, E or G above.
Beginning in 2017, a special tax rate shall be added to the total Borough tax rate in an amount not to exceed $0.01 per $100 of the assessed value of each and every taxable property located within the Borough, the revenue from which shall be deposited into the Borough of Fanwood Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund. The tax rate shall be established by resolution of the Borough Council, and may be modified from time to time thereafter by resolution of the Borough Council.
All amounts raised by the tax levy imposed pursuant to this chapter shall be deposited into the Borough of Fanwood Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund and shall be used exclusively for the purposes set forth above. Any interest or other income earned on monies deposited into the trust fund shall be credited to the fund to be used for the same purposes as the principal. The percentage of funds to be allocated to each purpose shall be established by resolution of the Borough Council after conducting at least one public hearing thereon. Any amendment to said percentages may be made by resolution of the Borough Council after conducting at least one public hearing thereon.
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Editor's Note: Former § 64-5, Length of provisions, was repealed 10-21-2019 by Ord. No. 19-15-R.
The Borough Chief Finance Officer, Tax Assessor, Tax Collector, Auditor, Clerk and other official and/or professional, as applicable, hereby is authorized to take all necessary and proper action to implement this chapter and maintain, operate and administer the Borough of Fanwood Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund and tax levy created herein.
If any provision of this chapter or the application of this chapter to any person or circumstances is held invalid, the remainder of this chapter shall not be affected and shall remain in full force and effect.