ࡱ> 6857 bjbj!! 4&CdCd@ @ $W$~""" """"Q"'0W"9 X9 "9 """W9 @ K: MODEL ORDINANCE ESTABLISHING A MUNICIPAL OR COUNTY CHARITABLE FUND PURSUANT TO P.L. 2018, c.11 WHEREAS, P.L. 2018, c.11 permits municipalities, counties, and school districts to create one or more charitable funds for specified public purposes to which individuals and entities can contribute; and WHEREAS, a charitable fund may be created for one or more of the specified public purposes set forth in N.J.A.C. 5:30-18.2; and WHEREAS, ninety percent (90%) of any contribution to a charitable fund may be credited against a donors annual property tax obligation, unless the donor elects that fifteen percent (15%) be credited against their annual property tax obligation; and WHEREAS, a local unit shall, pursuant to N.J.A.C. 5:30-18.3, annually establish a cap on the amount of donations that are creditable toward a charitable fund; WHEREAS, a local unit shall annually establish for each charitable fund an Annual Property Tax Credit Cap for a charitable fund pursuant to N.J.A.C. 5:30-18.3, which limits the total dollar amount of credits that can be applied toward annual property tax bills; and WHEREAS, a local unit shall establish for each charitable fund an individual credit-eligible donation cap pursuant to N.J.A.C. 5:30-18.4 that establishes the maximum percentage or dollar amount of a property tax bill that can be credited; and WHEREAS, the remaining charitable donation balance that is not creditable against a donors property tax obligation shall be utilized for the specific purpose or purposes of the fund and reasonable administrative costs; and WHEREAS, a separate spillover fund may be established which may be used for for purposes supported by the levy that are authorized under subsection (e) of N.J.S.A. 54:4-66.7, including but not limited to payment of debt service, funding of capital reserves in order to capture donations that otherwise would be credited but exceed the annual property tax credit cap and/or the individual credit-eligible donation cap; and WHEREAS, the chief financial officer shall be designated as the administrator of any charitable fund and spillover fund; and WHEREAS, the governing body of a municipality shall, by resolution, set a deadline by which all creditable charitable fund donations must be reported to the tax collector in order to be credited to the next upcoming annual property tax bill; and WHEREAS, the governing body of a municipality may permit charitable fund donations to be creditable against an annual property tax bill that has already been issued, in which case the governing body shall by resolution set a reporting deadline no earlier than one (1) month prior to the installment due date, except for the 2018 annual property tax bill which may be closer to the installment due date. NOW THEREFORE BE IT ORDAINED, by the (insert the name of the governing body) of the (insert the name of the municipality), in the County of (insert the name of the County), hereby establishes a charitable fund for the following specific public purposes permitted under N.J.A.C. 5:30-18.2: (repeat the above paragraph if more than one charitable fund is being established) BE IT FURTHER ORDAINED, that the cap on the amount of charitable fund donations that are creditable toward the 2018 annual property tax bill shall be $______________, and for the 2019 annual property tax bill $____________________. BE IT FURTHER ORDAINED, that annual property tax credit cap shall be $______________ for the 2018 annual property tax bill, and $_________________ for the 2019 annual property tax bill; and BE IT FURTHER ORDAINED, that the maximum of a property tax bill which may be credited is __________; and BE IT FURTHER ORDAINED, that a spillover fund shall be established to credit against future annual property tax bills any funds that are otherwise creditable but cannot be credited against the donors annual property tax bill due to the donation exceeding the amount creditable toward a charitable fund; the annual property tax credit cap or the individual credit-eligible donation cap; and BE IT FURTHER ORDAINED, that proceeds deposited into the spillover fund may be utilized for the following purposes supported by the levy that are authorized under subsection (e) of N.J.S.A. 54:4-66.7. 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