Title 40, Title 40: MUNICIPALITIES AND COUNTIES

40:37B-13. Facility charges Every authority is hereby authorized to charge and collect facility charges. Such facility charges may be charged to and collected from any governmental unit or person and such governmental unit or person shall be liable for and shall pay such facility…

40:37B-14. Compliance of facility charges with terms of lease or other agreement; adjustment of charges The facility charges fixed, charged and collected by an authority with respect to any public facility shall comply with the terms of any lease or other agreement of the authori…

40:37B-15. Issuance of bonds and notes; contents of bond resolution For the purpose of raising funds to pay the cost of any public facility or facilities or for the purpose of funding or refunding any bonds, an authority shall have power to authorize or provide for the issuance o…

40:37B-16. Purpose of issuance; series bonds; maturity; interest; denominations; execution; redemption; types of bonds Upon adoption of a bond resolution, an authority shall have power to issue its bonds or notes for the purpose of financing the project or of funding or refunding…

40:37B-17. Act as sole authority for issuance of bonds; inapplicability of other laws This act shall be complete authority for the issuance of bonds by an authority, and the provisions of any other law shall not apply to the issuance of such bonds. L.1967, c. 136, s. 17, eff. Jun…

40:37B-18. Sale of bonds and notes Bonds and notes of an authority may be sold, as hereinafter provided, at public or private sale at such price or prices as the authority shall determine; provided, however, that the interest cost to their average maturity of the money received f…

40:37B-19. Bond anticipation notes; sale; report All bond anticipation notes may be sold at private sale pursuant to resolution of the authority, or by its treasurer expressly designated by resolution to sell such notes. The treasurer making any such sale shall report in writing …

40:37B-2. Definitions The following terms whenever used or referred to in this act shall have the following respective meanings unless a different meaning clearly appears from the context. (a) "Authority" shall mean a public body created pursuant to this act. (b) "Bond resolution…

40:37B-20. Public sale of bonds upon sealed proposals; exceptions; deposit; confirmation of private sale All bonds shall be sold at public sale upon sealed proposals, except that bonds may be sold at private sale: (a) Without any previous public offering (1) if constituting all o…

40:37B-21. Notice of public bond sale; contents; publication A public sale of bonds shall be advertised at least once at least 7 days prior thereto in a newspaper qualified for publication of a bond resolution of the authority and in a publication carrying municipal bond notices …

40:37B-22. Terms and conditions of sale (a) All bidders shall be required to deposit a certified or cashier's or treasurer's check, drawn upon a bank or trust company, equal to not less than 2% of the bonds to secure the authority in part from any loss resulting from the failure …

40:37B-23. Sale of bonds by treasurer; report The authority, by resolution, may designate its treasurer to sell and award bonds in accordance with the advertised terms of public sale. The treasurer making any such sale shall report in writing to the authority at the next meeting …

40:37B-24. Unlawful acts in issuance or sale of obligations In the issuance or sale of obligations, it shall be unlawful for the authority or any member thereof or any official: (a) to pay or agree to pay, directly or indirectly, any bonus, commission, fee or other compensation o…

40:37B-25. Failing copy of bond resolution; publication of notice An authority shall cause a copy of any bond resolution adopted by it to be filed for public inspection in its office and in the office of the clerk of the governing body of the county and may thereupon cause to be …

40:37B-26. Covenants with bondholders Any bond resolution of an authority providing for or authorizing the issuance of any bonds may contain provisions, and such authority, in order to secure the payment of such bonds and in addition to its other powers, shall have power by provi…

40:37B-27. Default by authority; appointment of trustee; powers and duties (a) If the bond resolution of an authority authorizing or providing for the issuance of a series of its bonds shall provide in substance that the holders of the bonds of such series shall be entitled to th…

40:37B-28. Appointment of receiver If the bond resolution of an authority authorizing or providing for the issuance of a series of its bonds shall provide in substance that the holders of the bonds of such series shall be entitled to the benefits of section 27 of this act and sha…

40:37B-29. Negotiability of bonds or other obligations Any provision of law to the contrary notwithstanding any bond or other obligation issued pursuant to this act shall be fully negotiable within the meaning and for all purposes of the law merchant and laws applicable to negoti…

40:37B-3. Creation of authority; membership; filing and publication of resolution The governing body of a county may by resolution create a public body corporate and politic under and pursuant to this act, under the name and style of "The County Recreation Authority," with all or…

40:37B-30. Liability on bonds Neither the members of the authority nor any person executing bonds issued pursuant to this act shall be liable personally on the bonds by reason of the issuance thereof. Bonds or other obligations issued pursuant to this act shall not be in any way …

40:37B-31. Acquisition of property; eminent domain Every authority is hereby empowered, in its own name but for the county to acquire by purchase, gift, grant or devise and to take for public use real property, within or without the county or any interest therein which may be dee…

40:37B-32. Additional powers In addition to the other powers conferred upon it by this act or by any other law and not in limitation thereof, every authority, in connection with construction or operation of any public facility, shall have power to make reasonable regulations for …

40:37B-33. Aid and co-operation of counties or municipalities; powers For the purpose of aiding an authority and co-operating in the planning, undertaking, acquisition, construction or operation of any public facility, the county or any municipality in the county may (a) acquire …

40:37B-34. Sale, lease, loan, grant or conveyance of, or permit to use, real or personal property of county or municipality Any county by resolution of its governing body, municipality by ordinance of its governing body, governmental unit or person is hereby empowered, without an…

40:37B-35. Appropriation of money by counties or municipalities; loans or donations to authority For the purpose of aiding an authority and co-operating in the planning, undertaking, acquisition, construction or operation of any public facility, the county by resolution of its go…

40:37B-36. Lease by county or municipality for use of public facilities Any county, municipality, governmental unit or person is hereby empowered to enter into and perform any lease or other agreement with an authority for the lease to or use by such county, municipality, governm…

40:37B-37. Mortgage, pledge, encumbrance or other disposal of public facilities Except as otherwise expressly hereinabove provided with respect to the right of the authority to grant by franchise, lease or otherwise the use of any public facility or facilities owned or controlled…

40:37B-38. Exemption of property of authority from levy and sale All property of an authority shall be exempt from levy and sale by virtue of an execution, and no execution or other judicial process shall issue against the same, nor shall any judgment against an authority be a ch…

40:37B-39. Annual payments to municipalities in lieu of taxes Every authority and every municipality in which any property of the authority is located are hereby authorized and empowered to enter into agreements with respect to the payment by the authority to such municipality of…

40:37B-4. Dissolution of authority; grounds; filing of resolution The governing body of any county which has created an authority pursuant to this act may by resolution dissolve such authority if either (a) such authority has no debts or obligations outstanding or (b) all credito…

40:37B-40. Bonds as legal investments Notwithstanding any restriction contained in any other law, the State and all public officers, municipalities, counties, political subdivisions and public bodies, and agencies thereof, all banks, trust companies, savings banks and institution…

40:37B-41. Tax exemption All public facilities and all other properties of an authority are hereby declared to be public property of a political subdivision of the State and devoted to an essential public and governmental function and purpose and shall be exempt from all taxes an…

40:37B-42. Guarantee of vested rights of bondholders The State of New Jersey does hereby pledge and covenant and agree with the holders of any bonds issued pursuant to a bond resolution of an authority adopted pursuant to this act that the State will not limit or alter the rights…

40:37B-43. Undertaking for deposits of authority All banks, bankers, trust companies, saving banks, investment companies and other persons carrying on a banking business are hereby authorized to give to any authority a good and sufficient undertaking with such sureties as shall b…

40:37B-44. Annual audit Each authority shall cause an annual audit of its accounts to be made and for this purpose it shall employ a registered municipal accountant of New Jersey or a certified public accountant of New Jersey. The audit shall be completed and filed with the autho…

40:37B-45. Filing of copy of bond resolution Each authority shall file a certified copy of each bond resolution adopted by it in the office of the Division of Local Government in the Department of the Treasury, together with a certified summary of the dates, amounts, maturities a…

40:37B-46. Construction of act This act shall be construed liberally to effectuate the legislative intent and as complete and independent authority for the performance of each and every act and thing herein authorized, and an authority shall not be subject to regulation as to its…

40:37B-47. Severability If any section, subsection, clause or provision of this act shall be adjudged unconstitutional or to be ineffective in whole or in part, to the extent that it is not adjudged unconstitutional or is not ineffective, it shall be valid and effective and no ot…

40:37B-5. Appointment of members; terms; filling of vacancies After expiration of the period of 45 days following the first publication as provided in section 3 hereof of a notice regarding creation of an authority, 5 persons shall be appointed as the members of the authority. Th…

40:37B-6. Election of chairman and vice-chairman; appointment of other officers, agents and employees Every authority, upon the first appointment of its members and thereafter on or after February 1 in each year, shall annually elect from among its members a chairman and a vice c…

40:37B-7. Vesting of powers; quorum The powers of the authority shall be vested in the members thereof in office from time to time and a majority of the entire authorized membership shall constitute a quorum at any meeting thereof. Action may be taken and motions and resolutions …

40:37B-8. Compensation and expenses An authority may reimburse its members for necessary expenses incurred in the discharge of their duties. The resolution for the creation of an authority may provide that the members of the authority may receive compensation for their services w…

40:37B-9. Unlawful interest in contracts No member, officer or employee of an authority shall have or acquire any interest, direct or indirect, in a public facility of the authority or in any property included or to be included in the holdings of the authority or in any contract …