40:62-3 - Ordinance authorizing sale or lease; laws governing - New Jersey Statutes

40:62-3.  Ordinance authorizing sale or lease;  laws governing
    Any municipality owning a sewer plant, water plant, heat, light or power plant, system of transportation, or other public utility plant or system, may lease or sell such plant or system.  Such a lease or sale to another municipality, a sanitary sewerage authority, a sewerage authority or any other authority, commission or public body shall be authorized by ordinance and may be made upon such terms as said ordinance shall provide and the provisions of R.S. 40:62-4 and R.S. 40:62-5 shall not apply thereto.  Such a lease or sale to  any person except another municipality, a sanitary sewerage authority, a sewerage authority or any other authority, commission or public body shall, except as otherwise provided by law, be made only upon compliance with the provisions of R.S. 40:62-4 and R.S. 40:62-5 and after the same is authorized by  the legal voters of the municipality in accordance with said sections.

     Amended by L.1948, c. 232, p. 1072, s. 1;  L.1948, c. 397, p. 1595, s. 1, eff.  Sept. 13, 1948;  L.1981, c. 16, s. 1, eff. Feb. 3, 1981.