Use of sale proceeds

Act 29 of 1999, § 9, under PROJECT 70 LANDS - PROPERTY IN CHESTER AND CUMBERLAND COUNTIES.

Act 29 of 1999, § 9

Section 9. Use of sale proceeds.

An amount not to exceed $40,000 from the proceeds of the sale of the land described in section 7 may be used by the Township of Silver Spring to acquire Parcel Number 2 of the land described in section 8. The balance of the sale proceeds shall be deposited into a special account established by the Township of Silver Spring for acquisition and development of park, recreation and open space lands. None of the sale proceeds shall be disbursed from this special account until a plan is developed for use of the funds by the Township of Silver Spring and until the plan has been approved by the Department of Conservation and Natural Resources. Any sale proceeds remaining in the special account five years after the date of deposit by the Township of Silver Spring shall be paid to the Commonwealth for deposit into the Project 70 Land Acquisition Sinking Fund.