Demarest Public Question
Shall the Borough of Demarest continue the “Municipal Open Space, Recreation and Farmland and Historic Preservation Trust Fund” which shall be principally funded by the imposition of an additional, annual tax levy of One Cent ($0.01) per One Hundred Dollars ($100.00) of total assessed valuation together with creation and adoption of the annual budget. The Mayor and Council has the authority to adjust the One Cent ($0.01) tax downward or to suspend the tax levy on a year to year basis, in accordance with the enabling State Statute. The funds which are raised by the tax levy and deposited in this Trust Fund shall only be used for one of the following purposes: (a) Acquisition of lands for recreation and conservation purposes; (b) Development of lands acquired for recreation and conservation purposes; (c) Maintenance of lands acquired for recreation and conservation purposes; (d) Historic preservation of historic properties, structures, facilities, sites, areas, or objects, and the acquisition of such properties, structures, facilities, sites, areas, or objects for historic preservation purposes; (e) Protecting drinking water supplies and water quality in ponds and streams; or (f) Payment of debt service on indebtedness issued or incurred by a municipality for any of the purposes set forth in subparagraphs (a), (b), (c), (d) or (e) above. Any interest or other income earned on monies deposited into the Trust Fund shall be credited to the Fund and shall be used for the same purposes as the principal.
