2009 New Jersey Code
TITLE 40A - MUNICIPALITIES AND COUNTIES
Section 40A:2
40A:2-47 - Self-liquidating improvements and extensions

40A:2-47.  Self-liquidating improvements and extensions     Obligations to finance an improvement or extension of a municipal public utility shall be deemed to be for a self-liquidating purpose in the fiscal year  in which the obligations to finance the same shall have been authorized or  issued:

    a.  if such utility would have been self-liquidating during the last fiscal  year had there been included in the interest and debt redemption charges for  such year an amount equal to interest for 1 year at the rate of 4 1/2  % per  annum on such obligations, and the amount of the first installment of serial  bonds legally issuable to finance such improvement or extension plus an amount  for charges as aforesaid with respect to all bonds and notes authorized but not  issued for such utility;

    b.  if the local government board or, in the case of a project consisting of  acquisition of land areas needed for a redevelopment housing project, the Division of Planning and Development in the Department of Conservation and Economic Development, shall determine by order on the basis of a project report  that said utility would have been self-liquidating during the last preceding  fiscal year if there had been included interest and debt redemption charges for  said obligations and prospective income from said improvement or extension, or  that said utility would have been self-liquidating if charges had been  collected in said last preceding fiscal year as prescribed in said report.

    The local government board or, in the case of a project consisting of acquisition of land areas needed for a redevelopment housing project, the Division of Planning and Development in the Department of Conservation and Economic Development are hereby authorized and empowered to make any determination required by this chapter.

     L.1960, c. 169, s. 1, eff. Jan. 1, 1962.