55:18-3 - Qualifications of prospective lessee - New Jersey Statutes

55:18-3.  Qualifications of prospective lessee
    Before any lease is entered into under authority of this act the prospective  lessee shall demonstrate to the satisfaction of the municipal governing body:

    (1) Its financial capacity to undertake the proposed conversion, maintenance  and operation, including reliable commitments for any financing reasonably  required to meet its obligations under, and resulting from, the terms of the  lease;  and

    (2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of  the lease.

     L.1983, c. 335, s. 3, eff. Sept. 2, 1983.