8. Any municipality whose voters, prior to the effective date of P.L.1997, c.24 (C. 40:12-15.1 et seq.), approved pursuant to R.S.40:12-10 et seq. a proposition authorizing the establishment, maintenance, and improvement of a system of public recreation shall be deemed to have approved a proposition for any or all of the purposes specified in paragraph (1) of subsection a. of section 7 of P.L.1997, c.24 (C. 40:12-15.7) at the amount or rate specified in the original proposition, which purposes shall be determined by adoption of an ordinance by the governing body of the municipality after conducting at least one public hearing thereon. Any fund created for the purposes of R.S.40:12-10 et seq. shall be dissolved and any monies remaining therein shall be deposited into the “Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund” created pursuant to subsection c. of section 7 of P.L.1997, c.24 (C. 40:12-15.7) to be utilized for the purposes determined by the governing body of the municipality as authorized pursuant to this section.

L.1997, c.24, s.8; amended 2011, c.173, s.8.