The Town Council has approved the establishment of a reserve fund for the maintenance of town-owned open space property, to be known as the “Town of Tolland Open Space Maintenance Fund,” aka “OSMF.”  Anyone interested in making a private donation to this fund may contact the Town Manager’s Office.  Details regarding the Fund follow below: 

Establishment of a Reserve Fund for the Maintenance of
Town Owned Open Space Property

Title:

     This reserve fund shall be known and may be cited as the Town of Tolland Open Space Maintenance Fund (aka OSMF).

Purpose of Funds:

     The funds shall be used for the following purposes:

(A) The OSMF shall be used for the purchase of materials, supplies, equipment and contractual services related to the maintenance of open space property purchased or donated to the Town; and the accumulation of reserves for future costs related to such maintenance operations.

Fund Protection:

     The Town’s annual budget shall include allocation to the OSMF as deemed necessary which shall be in addition to any private donations received and allocated to said fund.  This fund may be liquidated only by a decision of the Town Council with a two-thirds majority vote to discontinue the maintenance program described herein.  Any money remaining in the fund after liquidation shall be used for the purchase of additional open space property.

Management of Program:

     The Open Space Maintenance Fund shall be administered by the Finance Director under the general direction of the Town Manager who shall be authorized to expend funds within said reserve accounts consistent with the purposes identified herein and as approved annually by the Town Council as part of the budget adoption process after consultation with the Conservation Commission as to their expenditure needs for the maintenance of open space for the year.

The Reserve Fund shall be reviewed every five years with the initial date for establishment being July 1, 2007.

Approved by the Town Council on June 26, 2007.