Source: https://ecode360.com/11820110
Timestamp: 2020-02-26 11:18:34
Document Index: 590386845

Matched Legal Cases: ['§ 68', '§ 68', '§ 68', '§ 68', '§ 68', '§ 68']

Township of Hazlet, NJ Funds
Ch 68 Art I Open Space Trust Fund
§ 68-1 Establishment.
§ 68-2 Funding; utilization of funds.
§ 68-3 Interest-bearing account.
§ 68-4 Collection.
§ 68-5 Property acquisition.
§ 68-6 Authority.
Chapter 68 Funds
Open Space Advisory Council — See Ch. 11, Art. IV.
Article I Open Space Trust Fund
[Adopted 2-6-2007 by Ord. No. 1387-07]
There is hereby established an account which shall be known and designated as the "Hazlet Township Open Space Trust Fund," which shall be maintained in accordance with N.J.S.A. 40A:4-1 and N.J.S.A. 40A:5-1, as amended and revised from time to time.
Beginning with the 2007 tax year, a special tax rate shall be added to the total Township tax rate in the amount of $0.01 per $100 of ratable for each and every taxable property located within the Township. The Open Space Trust Fund is also permitted to accept donations, gifts, testamentary bequests, federal and state grants, or any other funding sources of any lands or unrestricted funds. Under the direction of the Township Committee, the monies collected for the Open Space Trust Fund will be used to acquire, preserve and improve lands for open space, conservation, recreation, farmland preservation, historic preservation purposes, and for payment of debt services issued or incurred by the Township. The Mayor and the Township Committee, annually, after the holding of one public hearing thereon, shall apportion and allocate the use of the Open Space Trust Fund among the purpose or purposes set forth in N.J.S.A. 40:12-15.7.
The Township Finance Officer shall establish an interest-bearing account separate from all other Township budgeted items, all costs in connection therewith, and all funds collected pursuant hereto. Any interest or other income earned on monies deposited into the account shall be credited to the Open Space Trust Fund to be used for the same purposes as the principal.
The Township Finance Officer, together with the Tax Assessor and Tax Collector, shall create a separate line item on the Township tax bills forwarded to all Township taxpayers identifying the Open Space Trust Fund as the "Municipal Open Space Trust Fund" and inserting opposite such separate line item, the amount to be collected as calculated by the special tax rate.
All property acquired by the Open Space Trust Fund shall be set aside and directed for open space and all deeds and other applicable documents shall indicate its open space designation.
The Mayor and the Township Committee shall manage the Open Space Trust Fund based on information provided by the Hazlet Township Open Space Advisory Committee.[1]
Editor's Note: See Ch. 11, Boards, Committees and Commissions, Art. VI.