[HISTORY: Adopted by the Mayor and Council
of the Borough of Madison 2-9-2004 by Ord. No. 4-2004. Amendments noted where
applicable.]
There is hereby established an Open Space Trust
Fund, which shall be administered by the Borough Council. The Open
Space Trust Fund shall be used to finance the acquisition and preservation
of lands and easements for open space; active and passive recreation;
preservation of natural resources, including water supplies; and historic
preservation.
A.
The Borough Council is authorized to use the Open
Space Trust Fund to acquire all types of interests in real property,
including but not limited to fee simple acquisitions, easements, licenses
and/or development rights, or any other lesser interest in real estate
in the Borough or outside the Borough for the purposes as provided
for herein. The Council also is authorized to accept grants, gifts,
donations and testamentary bequests of property and/or property rights
and to use its power of eminent domain pursuant to N.J.S.A. 20:3-1
et seq. to acquire property or property rights.
B.
The Council shall determine the amount of funds to
be used for each acquisition of rights or property. The Council shall
also determine what use may be made of any real property or property
rights acquired by use of the Open Space Trust Fund. In making its
decisions, the Council shall take into account the recommendations
of the Open Space, Recreation and Historic Preservation Advisory Committee.
C.
The Open Space Trust Fund may also be used to acquire
real property which has improvements upon it at the time of acquisition,
provided that the Council determines the principal purpose of the
acquisition is to preserve open space, recreation and/or historic
preservation. In the event the Council shall find it appropriate to
apportion the cost of acquisition between open space and improvements,
it may do so and charge the Open Space Trust Fund for the approximate
value that it deems appropriate relative to open space and the Borough's
capital account for the value that it determines attributable to improvements.
The deed of any property or property rights acquired with funds from
the Open Space Trust Fund shall contain a specific statement reflecting
that the property was acquired with funds from the Open Space Trust
Fund.
A.
The Open Space Trust Fund shall be established and
maintained as a separate account in the Borough's general capital
fund and shall be known and designated as the "Open Space, Recreation
and Historic Preservation Trust Fund." A separate bank and/or investment
account shall be opened and maintained for this purpose. The Council
may invest funds in the Open Space Trust Fund as provided in the Borough's
Cash Management Plan and Investment Policy. Funds in the Open Space
Trust Fund shall be used solely for the purposes set forth in this
chapter.
B.
The Open Space Trust Fund shall be funded through
the collection of an amount of $0.020 per $100 of assessed valuation
of each annual Borough property tax levy. The Open Space Trust Fund
shall also be permitted to accept grants, gifts, donations and testamentary
bequests. The funds accumulated within the Open Space Trust Fund may
be utilized to acquire all types of interests in real property, including
but not limited to, fee simple acquisitions, easements, licenses,
and/or development rights, or any other lesser interest in real estate
in the Borough or outside the Borough for the purposes as provided
in this chapter or as a down payment for the issuance of bonds for
the same purpose at the discretion of the Council. Any and all interest
accruing shall remain in the Open Space Trust Fund and may be utilized
for the above-described purposes.
[1]
Editor's Note: This ordinance provided an effective date of
1-1-2022.
No property or rights acquired with funds from
the Open Space Trust Fund shall be sold or otherwise disposed of by
the Borough unless the Council has authorized such disposition after
and in accordance with a binding public referendum.
In the event that no property or property rights
are acquired under this chapter for a period of five consecutive years,
then the Council shall review its activities and issue a report with
recommendations and conclusions concerning the future use and disposition
of the Open Space Trust Fund. The Open Space Trust Fund may not be
closed except in accordance with a binding public referendum.
