This bill amends Section 7 of P.L.1997, c.24 to allow municipalities to utilize funds from their "Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund" for purposes beyond those originally designated by voters. Specifically, if a municipality has established an arts and culture trust fund, it may deposit amounts raised by the levy into its current fund for uses not related to the original purposes of the trust fund. This provision is limited to the tax levy for fiscal year 2027 and applies only to funds that have been deposited into the trust fund prior to that fiscal year and remain unspent.

Additionally, the bill stipulates that amounts raised by the levy must be deposited into the newly created trust fund and used exclusively for the purposes authorized by voters, with any interest earned also credited to the fund. The governing body of a municipality retains the authority to submit propositions to voters for changes in the levy amount or the purposes for which the funds may be expended, ensuring that any amendments follow the same approval process as the original propositions.

Statutes affected:
Introduced: 40:12-15.7