18A:74-22 - Credit to State for unused facilities, equipment, land - New Jersey Statutes

18A:74-22  Credit to State for unused facilities, equipment, land.

9.Whenever public library facilities, items of equipment or land to which the State has contributed funds under this act are not used for the purposes authorized by the act, the President may require that the State be credited with its proportionate share of the fair market value of such facilities, equipment, or land.  All moneys so credited shall be remitted to the Treasurer of the State of New Jersey.  In no event, however, may the President require that the State be so credited when such facilities, equipment or land have been used in excess of 20 years for the purposes authorized by this act.

L.1973,c.381,s.9; amended 2001,c.137,s.43.