3. a. A local government unit may enter into an agreement with a charitable conservancy or other tax exempt nonprofit organization to acquire and hold, on behalf of the local government unit, real property, or any interest therein, for recreation and conservation purposes, farmland preservation purposes, or historic preservation purposes, for possible eventual conveyance to the local government unit or another entity approved by the local government unit.

b. A local government unit may enter into an agreement with a charitable conservancy or other tax exempt nonprofit organization to acquire and hold, on behalf of the local government unit, items of antiquity, historic artifacts or documents, or other items of an historic character or nature, for possible eventual conveyance to the local government unit or another entity approved by the local government unit.

c. Any agreement entered into in accordance with this section shall not be subject to the requirements and provisions of the “Local Public Contracts Law,” P.L.1971, c.198 (C. 40A:11-1 et seq.).

d. For the purposes of this section, “local government unit” means a county or municipality, or any agency, authority, or other entity thereof.

L.2005,c.108,s.3.