§ 34.67 FUNDING.
   (A)   The Open Space Trust Fund shall be established and maintained as a separate account and shall be known and designated as the "Open Space Trust Fund". A separate bank and/or investment account shall be opened and maintained for this purpose. The Township Committee may invest funds in the Open Space Trust Fund as provided in the Township'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. Each year, the Open Space Trust Fund account shall be introduced, adopted and included as part of the annual budget approved by the State of New Jersey.
   (B)   The Open Space Trust Fund shall be funded through the collection of an amount of $0.035 per $100.00 of assessed valuation of each annual Township property tax levy commencing with the 2004 tax year and each year thereafter. 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 Township 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 Township Committee. Any and all interest accruing shall remain in the Open Space Trust Fund and may be utilized for the above-described purposes.
(Ord. 48-04, passed 5-10-04)