Source: https://www.ecode360.com/13097174
Timestamp: 2017-08-21 15:47:33
Document Index: 765773226

Matched Legal Cases: ['§ 96', '§ 96', '§ 96', '§ 96', '§ 96', '§ 2']

Township of Mansfield, NJ Trust Account
§ 96-1 Trust accounts created.
§ 96-2 Uses of trust account.
§ 96-3 Ordinance or resolution determining the amount of deposit for trust account.
§ 96-4 Disbursements from the trust account; use of balance of funds.
§ 96-5 Deposit in interest-bearing account.
Chapter 96: Trust Account
[HISTORY: Adopted by the Township Committee of the Township of Mansfield by Ord. No. 2-76, as amended through Ord. No. 4-88 (§ 2-13 of the 1975 General Ordinances). Subsequent amendments noted where applicable.]
Chapter 96 : Trust Account
There is hereby created a fund or account to be known or designated as the "Township of Mansfield Trust Account." Disbursement from this account shall be made by checks signed by the Treasurer and countersigned by the Mayor and Clerk after approval by the Township Committee.
Whenever any person, firm or corporation has agreed, or is otherwise required to reimburse the Township of Mansfield for costs, expenses or fees of any kind or character, all sums paid by any such third person to the Township of Mansfield shall be deposited in the trust account herein established. Funds received from such third persons may be to cover such things as the following enumerated costs, expenses or fees but are not limited thereto: the costs of preparing and publishing any notice, ordinance or resolution; costs of mailing notices required pursuant to the provisions of any law or ordinance; legal fees of the municipal attorney or the attorney for the Planning Board or any other local agency incurred by reason of preparation of papers, ordinances, attendance at conferences or other services, the fees of the Township Engineer incurred by reason of making inspections required by the Township Committee, Planning Board or other official body or made pursuant to the provision of any ordinance, or for the preparation of plans or other services required by the Township; fees of the Township planning consultant for consultations or special planning work required in connection with any proposed development of land within the Township and the fees, expenses or charges or the estimated pro rata costs to the Township for any services rendered by any Township official or employee, all as directed by the Township Committee under circumstances where the Township is entitled to be reimbursed for the costs, expenses and charges incurred by it in connection therewith.
Except where there is a specific ordinance requirement as to the amount of any deposit, the Township Committee shall, by resolution, detail the services to be performed by any of the Township officials, or employees and shall obtain an estimate of the costs of such services, and of all other charges or costs which may be involved. The resolution shall provide the sum which shall be deposited by the third person, firm or corporation as agreed with the Township Committee, and all terms and conditions relating thereto. The amount, upon receipt, shall be deposited in the trust account and shall be disbursed therefrom only as may be directed by the Township Committee.
Upon deposit of the sum as directed by the Township Committee in the trust account, the officers or employees of the Township who have been so designated or directed may proceed to perform such services or incur such costs or expenses as may be necessary for carrying out of the contemplated purposes, and thereafter, upon receipt of proper vouchers and approval by the Township Committee, the costs, expenses or fees for which vouchers have been submitted and approved shall be paid out of the trust account. Any funds remaining after the payment of all costs, expenses or fees in connection with any particular matter or project may be returned to the person, firm or corporation depositing the funds. Should there be insufficient funds in the trust account to pay all such expenses, charges or fees the Township Treasurer and/or Clerk shall immediately notify the depositor and require that additional funds sufficient to pay all such expenses, charges or fees be immediately deposited with the Township of Mansfield.
Whenever an amount of money in excess of $5,000 shall be deposited by an applicant with the Township for professional services employed by the Township to review applications for development, for Township inspection fees or to satisfy performance guarantee requirements, the money, until repaid or applied to the purposes for which it is deposited, including the applicant's portion of the interest earned thereon, except as otherwise provided in this section, shall continue to be the property of the applicant and shall be held in trust by the Township. Money so deposited shall be held in escrow by depositing the same in the trust account established by this section. The Township Treasurer shall deposit the money in a banking institution or savings and loan association in this state insured by an agency of the federal government, or in any other fund or depository approved for such deposits by the state, in an account bearing interest at the minimum rate currently paid by the institution or depository on time or savings deposits. The Township Treasurer shall notify the applicant, in writing, of the name and address of the institution or depository in which the deposit is made and the amount of the deposit. The Township shall not be required to refund an amount of interest paid on a deposit which does not exceed $100 for the year. If the amount of interest exceeds $100, that entire amount shall belong to the applicant and shall be refunded to the applicant by the Township Treasurer annually or at the time the deposit is repaid, or applied to the purposes for which it is deposited, as the case may be; except that the Township shall retain for administrative expenses a sum equivalent to 33 1/3% of such interest which shall be in lieu of all other administrative and custodial expenses. It is the intent of this subsection to comply with N.J.S.A. 40:55D-53.1.
In the event there are any amendments to the above statute, this section shall be deemed amended to comply with the statute.