(1) Separate fund. Funds shall be deposited in a separate Open Space Fund (“Fund”) and shall, together with all interest or other earnings, be earmarked for and restricted to the allocations described below in Paragraphs (2) and (3) below, and such Fund shall not be spent for other purposes under any circumstances.

(2) Allocations to acquisitions and improvements. Ninety-four percent (94%) of the revenue collected shall be set aside exclusively for the acquisition and improvement of real property or interests therein for open space as defined in Section 2-8-50 below, open space uses and purposes as defined in Section 2-8-60 below, and the payment of debt issued therefor and the costs associated with such issuances. Acquisition and improvement costs shall include all costs necessary in acquiring the real property, including but not limited to legal fees, surveys, title review and appraisals. Notwithstanding the foregoing, the Town Council may acquire parcels of land for open space of which a portion or all of the parcel may not meet the open space definition of Section 2-8-50 below. For example, a thirty-five-acre parcel may be acquired which has a dwelling unit built on one thousand five hundred (1,500) square feet of the parcel or the Town could receive a donation of developed land. Within six (6) months from the date of acquiring such lands:

(3) Allocations to administration and maintenance of open space. Up to six percent (6%) of the revenue collected shall be set aside exclusively for administering the open space program, funding legal services and managing, maintaining, rehabilitating and preserving Town open space either acquired from the Open Space Fund or acquired from other sources. Such revenue shall not be used to replace existing funding for the maintenance of open space. (Prior code 2.26.040)