40:68A-38 - Dissolution of municipal port authority; vesting of property in municipality - New Jersey Statutes

40:68A-38.  Dissolution of municipal port authority;  vesting of property in  municipality
    The governing body of any municipality which has created a municipal port authority pursuant to this act may, by ordinance adopted by the recorded affirmative vote of at least two-thirds of the full membership of the governing  body, dissolve such municipal port authority on the condition that (1) if such  authority has any debts other than bonds outstanding, the municipality shall  appropriate the moneys required to enable all such debts to be discharged in  full, and (2) either such authority has no bonds outstanding or all holders of  bonds of the municipal port authority have consented to the ordinance.  A copy  of the ordinance for the dissolution of a municipal port authority pursuant to  this section duly certified by the appropriate officer of the municipality  which has adopted such ordinance shall be filed in the office of the Secretary  of State and shall be transmitted to the Director of the Division of Local  Government Services. Upon proof of such filing of a certified copy of the  ordinance for the dissolution of a municipal port authority as aforesaid and  upon proof either that such municipal port authority had no bonds outstanding  at the time of the adoption of such ordinance, or that all holders of bonds of such municipal port authority have consented to such ordinance, the municipal  port authority therein referred to shall be conclusively deemed to have been  lawfully and properly dissolved and the property of such municipal port  authority shall be vested in the municipality adopting such ordinance.  A copy  of any such certified ordinance, duly certified by or on behalf of the  Secretary of State, shall be admissible in evidence in any such action, or  proceeding, and shall be conclusive evidence of due and proper filing thereof  as aforesaid.

     L.1960, c. 192, p. 814, s. 10, eff. Feb. 15, 1961.  Amended by L.1982, c. 179, s. 1, eff. Nov. 12, 1982.