§ 5.20.080. Land trust fund.

A.

The land trust fund is established to receive, disburse, and account for all moneys accruing to the borough in lieu of lands or from the use or sale of lands. Disbursement from said fund shall be for the acquisition of property and expenses related to the borough land management operations, or such other purposes as the assembly may authorize.

B.

The net proceeds of land sales will be transferred to the Land Trust Investment Fund provided that the fund balance policy minimum requirements of the Land Trust Fund are met.

C.

After the first five years, if the fund balance of the Land Trust Fund is more than 125 percent of the maximum established in the fund balance policy the amount greater than 125 percent may be transferred to the general fund or may be used for any other purpose as determined by the assembly.

(Ord. No. 2018-29 , § 4, 9-4-18; Ord. No. 2005-09, § 4, 6-7-05, eff. 7-1-06; Ord. No. 79-3, § 1, 1979; Ord. No. 77-45, § 8, 1978)