Sec. 7-131r. Land acquisition fund.
105 words·~1 min read·
/ct/title-7/chapter-97-municipalities-general-provisions/7-131r·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any municipality, by vote of its legislative body, may establish a special fund, which shall be known as the land acquisition fund. There shall be deposited in said fund, annually, an amount, not to exceed the amount which would be generated by the imposition of a tax of two mills against the property subject to tax in such municipality pursuant to chapter 203, as may be appropriated by the municipality. Such fund shall be used by the municipality for the acquisition of land to be used for open space, recreation or housing. Such fund shall not lapse at the close of the municipal fiscal year.