AVALON – Avalon Borough Council passed, on first reading, an ordinance Aug. 26 to create a non-lapsing Environmental Trust Fund.
The fund’s purpose is to house money from builders and developers who may be obligated by the state environmental permitting process to provide an economic benefit to the borough.
Currently, these types of funds must be used within the boundary of a given fiscal year.
The purpose of the new fund would be to allow such contributions to accumulate for use on appropriate projects regardless of the budget year. The ordinance specifies the mechanism for what money is acceptable, how it is managed, and for what projects it is used. Control over the fund rests with the council.
Examples for use of the fund include dune preservation projects, natural habitat creation, and improved beach and bay access among many listed in the ordinance.
The ordinance must have a second reading and public hearing, in September.
