§ 20B-1. Environmental Trust Fund established; use of moneys.

A. 

The Town Board of the Town of North Hempstead hereby establishes a separate fund to be known as the "Environmental Trust Fund."

B. 

There shall be paid into said fund:

(1) 

Such amounts contributed to the town as a gift for the Environmental Trust Fund authorized by this chapter;

(2) 

Amounts from other governments or private organizations to effect the purposes of the fund;

(3) 

Other funds from private sources specifically earmarked for the fund;

(4) 

Such other amounts as may be legally appropriated, provided that no moneys shall be appropriated from the tax revenues of the town;

(5) 

Such other marketable personal property which may be given to the fund; and

(6) 

Proceeds from the sale of real property donated to the town, in connection with the purposes of the fund, with the intent that the property be sold.

(a) 

Real property donated to the town in connection with the purposes of the fund, and with the intent that the property not be sold, may be accepted by the town with suitable restrictive covenants but shall not itself be considered part of the fund.

C. 

Use of funds.

(1) 

The amounts paid into the Environmental Trust Fund shall be used exclusively for the following purposes:

(a) 

The costs relating to approved projects which will enhance town owned lands, including land dedicated as parkland, construct walking, biking and exercise trails throughout the town, provide environmental education programs and facilities and enhance and protect the ecosystem and environment of the town.

(b) 

The costs relating to approved projects which will protect and enhance the natural resources of the town, including habitat protection; and

(c) 

The costs relating to the acquisition of open spaces and areas within the town.

(2) 

Costs to maintain or repair existing infrastructure or relating to normal operation and maintenance of town facilities shall not be eligible, unless the costs pertain to infrastructure or facilities initially funded by the Environmental Trust Fund.

D. 

The Ecological Commission shall evaluate and recommend eligible projects under the provisions of this chapter. However, all expenditures from this fund shall be authorized by a formal resolution of the Town Board.

E. 

The moneys in such fund shall be deposited in one (1) or more of the banks or trust companies designated as banks of deposit by the Town Board. The Supervisor may invest the moneys in such obligations permitted by the state law. Any interest or capital gain realized on the money so deposited or invested shall accrue to and become part of such fund.

F. 

The Supervisor shall account for the fund separately and apart from all other funds of the town. Such accounting shall show the source, date and the amount of each sum paid into the fund; the interest earned by such fund; capital gains or losses resulting from the sale of investments of the fund; the date and amount of each payment from this fund; and the assets of the fund indicating cash balance and a schedule of investments. The Supervisor, within sixty (60) days of the end of each fiscal year, shall furnish to the Town Board a detailed report of the operation and condition of the fund.

G. 

Said fund shall also be subject to all requirements and limitations provided for by state law.

H. 

The Town Board, by resolution, may establish rules and regulations necessary to implement the provisions of this section.