New Jersey § 40a:2-47

§ 40a:2-47.

Obligations to finance an improvement or extension of a municipal public utility shall

be deemed to be for a self-liquidating purpose in the fiscal year in which the obligations

to finance the same shall have been authorized or issued: a. if such utility would have been self-liquidating during the last fiscal year had

there been included in the interest and debt redemption charges for such year an amount

equal to interest for 1 year at the rate of 4 1 / 2 % per annum on such obligations, and the amount of the first installment of serial

bonds legally issuable to finance such improvement or extension plus an amount for

charges as aforesaid with respect to all bonds and notes authorized but not issued

for such utility; b. if the local government board or, in the case of a project consisting of acquisition

of land areas needed for a redevelopment housing project, the Division of Planning

and Development in the Department of Conservation and Economic Development, shall

determine by order on the basis of a project report that said utility would have been

self-liquidating during the last preceding fiscal year if there had been included

interest and debt redemption charges for said obligations and prospective income from

said improvement or extension, or that said utility would have been self-liquidating

if charges had been collected in said last preceding fiscal year as prescribed in

said report. The local government board or, in the case of a project consisting of acquisition

of land areas needed for a redevelopment housing project, the Division of Planning

and Development in the Department of Conservation and Economic Development are hereby

authorized and empowered to make any determination required by this chapter.