40:14B-48 - Grant of utilities to authority - New Jersey Statutes

40:14B-48.  Grant of utilities to authority
    Any county, by resolution of its governing body, or any municipality, by ordinance of its governing body, or any other person is hereby empowered, without any referendum, to sell, lease, lend, grant or convey to any municipal authority, or to permit any municipal authority to use, maintain or operate as part of the utility system, any real or personal property owned by it, including all or any part of any water supply, water distribution or sewerage facilities, which may be necessary or useful and convenient for the purposes of  the municipal authority and accepted by the municipal authority.  Any such sale, lease, loan, grant, conveyance or permit may be made with or without consideration and for a specified or an unlimited period of time and under any agreement and on any terms and conditions which may be approved by such county,  municipality or other person and which may be agreed to by the municipal  authority in conformity with its contracts with the holders of any bonds.   Subject to any such contracts with holders of bonds, the municipal authority  may enter into and perform any and all agreements with respect to property so  accepted by it, including agreements for the assumption of principal or  interest or both of indebtedness of such county, municipality or other person  or of any mortgage or lien existing with respect to such property or for the operation and maintenance of such property as part of the utility system.

     L.1957, c. 183, p. 669, s. 48, eff. Aug. 22, 1957.