40:68A-43.1 Provisions relative to municipal port authorities.
117 words·~1 min read·
/nj/title-40/chapter-68a/40-68a-43-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
3. In accordance with rules and regulations which the Local Finance Board is hereby authorized to adopt, municipal port authorities created pursuant to P.L.1960, c.192 (C.40:68A-29 et seq.) are subject to the following provisions:
(a)Every authority shall be required to submit an annual budget to the Director of the Division of Local Government Services in the Department of Community Affairs for approval.
(b)The issuance of any obligations of an authority, agreements regarding municipal guaranties of authority bonds, financing agreements entered into by an authority, and all leases, sales or dispositions of real property made by an authority shall be subject to the approval of the Local Finance Board.
L.1981, c.547, s.3; amended 2015, c.95, s.11.