40:37-132.2 - Moneys received for lands transferred by counties for state highway purposes; release for specific purposes - New Jersey Statutes

40:37-132.2.  Moneys received for lands transferred by counties for state highway purposes;  release for specific purposes
    When, in any county having a county park commission governed by the provisions of R.S. 40:37-96 to 40:37-174, inclusive, the park commission has heretofore transferred and conveyed or shall hereafter transfer and convey parklands or parkways to the State of New Jersey for State highway purposes, an  amount not to exceed $50,000.00 of the moneys received in payment therefor may  be released, annually, by the governing body of the county for expenditure by  the county park commission for the operation and maintenance of its existing  park or parkway lands.  The balance of such moneys, if any, shall be applied,  in the manner determined by the governing body of the county, to the retirement  of any outstanding and unpaid county bonds issued for the purpose of the  acquisition and original improvement of the parklands or parkways so  transferred or conveyed to the State;  and any remaining balance shall be set  aside by said park commission as a capital improvement fund which, with the  concurrence of the governing body of the county, may be used from time to time  by the commission for the acquisition of additional lands for park or parkway  purposes and the development and improvement of such lands or parkways or the  public parks under the jurisdiction of the commission.

     L.1980, c. 131, s. 1, eff. Oct. 20, 1980.