58:5-26 - Contract with municipality applying for water; payments - New Jersey Statutes

58:5-26.  Contract with municipality applying for water;  payments
    After such hearing, the commission, if the water supply under its control is  adequate for the supply of the applying municipality, may contract with the  municipality for the supply to it of water at such price as shall impose upon  the municipality an equitable share of the cost of constructing, acquiring and  operating such supply;  or the commission may allow the municipality to become  part owner of the water supply plant controlled by the commission, or such part  thereof as is necessary for the supply of the municipality by means of a  contract whereby the municipality shall agree to pay to the commission its  proportionate share of the cost of acquisition, construction and operation of  the plant.  Any money so paid to the commission by the municipality shall be  paid over to the municipalities which have heretofore contributed to the cost  of the water supply plant, upon such terms and in such proportion as the  contracting municipalities have heretofore mutually agreed or as they shall  hereafter mutually agree, and as shall be approved by the commission.

     Amended by L.1941, c. 4, p. 15, s. 1.