40:66A-57 - Property as public property; bonds declared issued by political subdivision; bonds exempt from taxation - New Jersey Statutes

40:66A-57.  Property as public property;  bonds declared issued by political  subdivision;  bonds exempt from taxation
    Every garbage and solid wastes disposal system and all other property of a solid waste management authority are hereby declared to be public property of a  political subdivision of the State and devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof.  All bonds issued pursuant to this act are hereby declared to be issued by a political subdivision of this State and for an essential public and governmental purpose and to be a public instrumentality, and such bonds, and the interest thereon and the income therefrom, and all service charges, funds, revenues and other moneys pledged or available to pay or secure the payment of such bonds, or interest thereon, shall at all times be exempt from taxation, except for transfer, inheritance and estate taxes.

    To the end that municipalities may not suffer undue loss of tax revenue by reason of the acquisition and ownership of property therein by a solid waste management authority, every solid waste management authority is hereby authorized, empowered and directed to enter into an agreement or agreements with any municipality, whereby such solid waste management authority will undertake to pay a fair and reasonable sum or sums to compensate the said municipality for a loss of revenue in connection with any property acquired and  owned by such solid waste management authority in carrying out the provisions  of this act.  Any such payment or payments which a solid waste management  authority is hereby authorized, empowered and directed to make may be made on  an annual basis, in which case the payment or payments shall not be less than  the amount of taxes upon the property which last assessed prior to its  acquisition by the solid waste management authority.  Every municipality  wherein the property shall be acquired by any solid waste management authority  is hereby empowered to enter into such agreement or agreements with the solid  waste management authority to accept the payment or payments which every solid  waste management authority is herein authorized, empowered and directed to  make.

     L.1968, c. 249, s. 24, eff. Aug. 16, 1968.