[HISTORY: Adopted by the Town Meeting of the Town of Old Lyme as indicated in article histories. Amendments noted where applicable.]
Harbor Management Fund — See Ch. 58.
Pursuant to the provisions of C.G.S. § 7-131r, the Town of Old Lyme does hereby create a special fund for the protection and improvement of the environment, which fund shall be known as the "Land Acquisition Fund." A line item shall be established in the annual budget for this purpose and shall be assigned an individual account number.
There shall be deposited in said Land Acquisition Fund account, annually, by appropriation by the Town, an amount which shall not exceed the limit determined in accordance with the provisions of C.G.S. § 7-131r, as the same may from time to time be amended.
In addition to such sums as may be appropriated by the Town to the Land Acquisition Fund, the Town is authorized to accept monetary gifts for acquisition of land, which gifts shall be placed in the Land Acquisition Fund account.
In the event the Old Lyme Planning Commission shall provide in its regulations authorization for applicants to pay a fee to the municipality in lieu of any requirement to provide open spaces, parks and playgrounds pursuant to C.G.S. § 8-25, such payment shall be deposited in the Land Acquisition Fund account.
No sums contained in said Land Acquisition Fund account, including the interest earned upon said funds, shall be transferred to any other account within the budget and no expenditures shall be made from said account except in accordance with all requirements of the Connecticut General Statutes, any applicable ordinances of the Town of Old Lyme, and, specifically, the provisions of this article.
In accordance with the provisions of C.G.S. § 7-131r, such Land Acquisition Fund shall not lapse at the end of the fiscal year, even though the balance in said account may be zero at any time.
In addition to any requirements set forth in the Connecticut General Statutes and in any ordinances of the Town of Old Lyme, expenditures from the Land Acquisition Fund account must comply with the following requirements:
Said expenditures shall be made exclusively for the acquisition of parcels of land, the use of which shall be limited to retention of such parcel as open space, the protection or improvement of the environment, or recreational purposes; and
No expenditures shall be made from such account unless such expenditures shall have been approved at a Town Meeting duly called for this purpose.
The Inland Wetlands Commission of the Town of Old Lyme is hereby designated to act on behalf of the Town for the following purposes:
To develop, update and maintain a list of land which may be appropriate for acquisition as open space, for the protection or improvement of the environment, or for recreational purposes;
To make recommendations to the Board of Selectmen for the acquisition of selected parcels of land for the purposes contemplated by this article; and
To develop appropriate standards and limitations for the use of parcels of land acquired pursuant to the provisions of this article to assure their continued use as open space, for the protection and improvement of the environment, or for recreational purposes.