13:17-60 - Purpose; report to legislature - New Jersey Statutes

13:17-60.  Purpose;  report to legislature    (a) The Legislature hereby finds and declares that a vital component of any  comprehensive plan for the development of the meadowland district, is a program  whereby the financial benefits and liabilities of each constituent municipality, are clearly established and equitably distributed.  Article 9 of this act provides for such a program, by the creation of an intermunicipal account, and specifically provides that each constituent municipality will be guaranteed, in perpetuity, against loss of its present existing tax ratable values within the meadowland district occurring by reason of the acquisition of  taxable real property, through purchase, eminent domain or gift, by a governmental body or agency to be used for a public purpose, to the extent that  such loss of existing tax ratable values is not offset by increased true value  of the remaining taxable real property within the district, and will equitably  share in the new financial benefits and new costs resulting from the  development of the meadowland district as a whole.  This article further provides that the Hackensack Meadowlands Development Commission shall not be able to receive any funds from the intermunicipal account.

    (b) The Hackensack Meadowlands Development Commission shall, in 1974, and every year thereafter, submit a report to the Meadowlands Municipal Committee and the Legislature, relating to the operation of the intermunicipal account in  the prior year, and shall recommend, when it deems necessary, such amendments  to this article as it may deem necessary, to carry out the legislative intent  herein stated.

     L.1968, c. 404, s. 59.  Amended by L.1972, c. 103, s. 1, eff. July 19, 1972.