40:68A-43.1 - Annual budget, and financial obligations and leases, sales or dispositions of realty; approval of local finance board - New Jersey Statutes

40:68A-43.1.  Annual budget, and financial obligations and leases, sales or  dispositions of realty;  approval of local finance board
    In accordance with rules and regulations which the Local Finance Board is hereby authorized to adopt, municipal port authorities created pursuant to P.L.1960, c. 192 (C. 40:68A-29 et seq.) are subject to the following provisions:

    (a) Every authority shall be required to submit an annual budget to the Local Finance Board for approval.

    (b) The issuance of any obligations of an authority, agreements regarding municipal guaranties of authority bonds, financing agreements entered into by an authority, and all leases, sales or dispositions of real property made by an  authority shall be subject to the approval of the Local Finance Board.

     L.1981, c. 547, s. 3.