Title 40A, Title 40A: MUNICIPALITIES AND COUNTIES

40A:66-13 Bond, obligation, coupon fully negotiable. 13. The provisions of any law, rule, or regulation to the contrary notwithstanding, any bond or other obligation issued pursuant to P.L.2015, c.129 (C.40A:66-1 et al.) shall be fully negotiable for the purposes of the negotiabl…

40A:66-14 No liability for bonds, obligations, certain. 14. Neither the members of the municipal shared services energy authority nor any person executing bonds issued pursuant to P.L.2015, c.129 (C.40A:66-1 et al.) shall be liable personally on the bonds by reason of the issuanc…

40A:66-15 Provisions, covenants with bond holders. 15. Any bond resolution of the municipal shared services energy authority providing for or authorizing the issuance of any bonds may contain provisions, and the municipal shared services energy authority shall, in order to secure…

40A:66-16 Trustee to represent bond holders; powers. 16. a. If the bond resolution of the municipal shared services energy authority authorizing or providing for the issuance of a series of its bonds shall provide in substance that the holders of the bonds of the series shall be …

40A:66-17 Appointment of receiver. 17. If the bond resolution of the municipal shared services energy authority authorizing or providing for the issuance of a series of its bonds shall provide that the holders of the bonds of the series shall be entitled to the benefits of sectio…

40A:66-18 Guaranty of bonds. 18. For the purpose of aiding the municipal shared services energy authority in the planning, undertaking, acquisition, construction, financing, or operation of any electric supply project authorized pursuant to P.L.2015, c.129 (C.40A:66-1 et al.), a …

40A:66-19 Wholesale power supply contract. 19. a. The municipal shared services energy authority may enter into a wholesale power supply contract with any person to meet the electric power or energy needs of its members, for the purchase or sale of electric power or energy, or bo…

40A:66-2 Findings, declarations relative to municipal shared services energy authority. 2. The Legislature finds and declares that for many years, municipalities in the State have had the power to construct and maintain facilities for the generation and distribution of electricit…

40A:66-20 Compliance. 20. The authority formed pursuant to P.L.2015, c.129 (C.40A:66-1 et al.) shall comply with the provisions of P.L.2015, c.129 (C.40A:66-1 et al.) and all applicable federal and State laws. Nothing in P.L.2015, c.129 (C.40A:66-1 et al.) shall be construed to r…

40A:66-21 Exemption from levy, sale. 21. All property of the authority within the corporate limits and franchise areas of the members shall be exempt from levy and sale by virtue of an execution of a court of competent jurisdiction and no execution or other judicial process shall…

40A:66-22 Investment of funds. 22. Notwithstanding any restriction contained in any other law, the State and all public officers, municipalities, counties, political subdivisions of public bodies, and agencies thereof, all banks, bankers, trust companies, savings banks and instit…

40A:66-23 Public property; tax exemption. 23. Every electric supply project or facility within the corporate limits and franchise areas of the members that is owned by the authority, including any pro rata share of any property within the corporate limits and franchise areas of t…

40A:66-24 Pledge, covenant with bond holders. 24. The State of New Jersey does hereby pledge to and covenant and agree with the holders of any bonds issued pursuant to a bond resolution of the authority, that the State will not limit or alter the rights hereby vested in the munic…

40A:66-25 Payment of funds to authority. 25. All banks, bankers, trust companies, savings banks, investment companies, and other persons carrying on a banking business are hereby authorized to give to the municipal shared services energy authority a good and sufficient undertakin…

40A:66-26 Annual audit. 26. The municipal shared services energy authority shall cause an annual audit of its accounts to be made, and for this purpose shall employ a certified public accountant licensed pursuant to the laws of the State. The audit shall be completed and filed wi…

40A:66-27 Filing of copy of bond resolution. 27. The municipal shared services energy authority shall file a copy of each bond resolution adopted by it with the Director of the Division of Local Government Services in the Department of Community Affairs, together with a summary o…

40A:66-28 Certain municipal powers unaffected. 30. The powers granted under P.L.2015, c.129 (C.40A:66-1 et al.) shall not limit the powers of a municipality to enter into a shared service agreement or contract, or to establish a separate legal entity pursuant to State law or othe…

40A:66-3 Definitions relative to municipal shared services energy authority. 3. As used in P.L.2015, c.129 (C.40A:66-1 et al.): "Bonds" means any bonds, interim certificates, notes, debentures, or other obligations issued by the municipal shared services energy authority pursuant…

40A:66-4 "Municipal shared services energy authority." 4. a. Any combination of three or more municipalities that, on the effective date of P.L.2015, c.129 (C.40A:66-1 et al.), operate retail electric distribution systems pursuant to R.S.40:62-12 et seq. may, by adoption of paral…

40A:66-5 Provision of inter-municipal agreement. 5. The inter-municipal agreement establishing the municipal shared services energy authority pursuant to P.L.2015, c.129 (C.40A:66-1 et al.) shall provide: a. The name and purpose of the authority and the functions or services to b…

40A:66-6 Construction of act. 6. Nothing in P.L.2015, c.129 (C.40A:66-1 et al.) shall be construed to restrict the right of a person to form a rural electric cooperative or a municipality to engage in functions authorized pursuant to R.S.40:62-12 et seq. L.2015, c.129, s.6.

40A:66-7 Certain interest in contracts prohibited. 7. A commissioner, officer, or employee of the municipal shared services energy authority shall not have or acquire any interest, direct or indirect, in any contract or proposed contract or property related to the provision of wh…

40A:66-8 Municipal shared services energy authority to be public body politic and corporate; powers. 8. The municipal shared services energy authority shall be a public body politic and corporate, established as an instrumentality exercising public and essential governmental func…

40A:66-9 Issuance of bonds. 9. a. In order to meet the electric power needs of its members, the municipal shared services energy authority shall have the power to authorize or provide for the issuance of bonds pursuant to P.L.2015, c.129 (C.40A:66-1 et al.) for the purpose of rai…