40:68-21. Use of income; issuance of bonds and other obligations
The income derived by any municipality from the maintenance, operation or control of any marine terminal leased to such municipality pursuant to this article shall be paid into the municipal treasury and shall be applied to the payment of any rental or other charges or obligations required to be paid by the lease accepted by such municipality and to the payment of any expenses incident to the control, supervision and operation of the marine terminal. If in the judgment of the governing body of such municipality such income will not be sufficient to pay such rental, charges, obligations and expenses, such municipality may borrow money and issue bonds for the purpose of making such payments, and may issue temporary bonds or notes in anticipation of the sale of such bonds. Such obligations shall be issued pursuant to article 1 of chapter 1 of this title (s. 40:1-1 et seq.), notwithstanding that the purposes for which said obligations are issued may constitute current expenses. Any temporary notes or temporary bonds so issued shall mature in not exceeding one year from the date when the indebtedness evidenced thereby was incurred and any permanent or definite bonds issued for said purpose shall mature in annual installments commencing not more than one year from their date and ending not more than ten years from their date. Any such bonds shall be designated "marine terminal revenue deficit bonds" and shall recite upon their face in general terms the purpose of their issuance. No such obligations may be issued later than five years after the commencement of the term of such lease, and any such bonds shall mature not later than fifteen years after the commencement of the term of such lease.
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Last modified: October 11, 2016