There is hereby established an Open Space Trust Fund, which shall be administered by the Township Committee. The Open Space Trust Fund shall be used to finance the acquiring, improving and maintaining conservation or recreational properties to protect the water quality of Township's rivers, lakes, and streams, acquiring farmland for farmland preservation, acquiring open space to preserve it in its natural state, or for the payment of debt service incurred by the Township for these purposes, to be funded at a rate not to exceed $0.035 per $100.00 of total Township equalized real property valuation, with all funds subject to an annual, independent audit.
(Ord. 48-04, passed 5-10-04)