There is hereby established separate from the general fund a special revenue fund (“LUCT Fund”) to account for all revenues collected under the land use change tax during a fiscal year. Fifty percent of the revenue deposited annually in the LUCT Fund, up to a maximum of $25,000, shall be deposited in the conservation fund established pursuant to § 32.093(E). The Board of Mayor and Aldermen may appropriate the remaining balance or a portion of the remaining balance of the LUCT Fund for any purpose not prohibited by the laws or by the constitution of the State of New Hampshire. Any unappropriated balance of land use change tax revenue received by the LUCT Fund during the prior fiscal year shall be recognized as general fund revenue for the current fiscal year.
(Ord. passed 6-4-19)