New Jersey § 12:11a-24

§ 12:11a-24.

a. On or before the ninetieth day after the effective date of this act the South Jersey

Port Commission shall prepare or cause to be prepared a final and complete audit of

its financial accounts and records and shall submit same to the Treasurer of the State

of New Jersey; provided, however, that the treasurer, in his discretion, may extend

the time for the commission to submit the audit beyond said 90 days if such extension

is necessary to complete said audit. Said audit shall contain an appraisal of the value of the facilities of the commission. b. Upon receipt of the audit the treasurer shall certify the exact indebtedness of

the commission owing to creditors, bondholders and the city of Camden as of the effective

date of this act, and upon such certification the South Jersey Port Commission is

dissolved and the facilities of the commission and all the rights, title and interest

of the commission in any of its records and papers are hereby transferred to the South

Jersey Port Corporation, established pursuant to this act, to be held, used and applied

for the purposes of this act. c. The exact indebtedness of the commission as certified by the treasurer shall be

a financial obligation of the State of New Jersey, except, that of the amount of said

indebtedness owing to the city of Camden, only so much thereof as is equal to the

appraised value of the facilities of the commission, as certified by the treasurer,

shall constitute an obligation of the State. In order to discharge the obligations herein assumed there is hereby appropriated

from the General Treasury of the State of New Jersey for fiscal year 1967-1968, the

sum of $1,000,000.00, and there shall be appropriated annually commencing in fiscal

year 1968-1969, and continuing through fiscal year 1971-1972, the sum of $1,000,000.00,

or so much thereof as shall be necessary to discharge the obligations herein assumed

by the State owing to the creditors and bondholders of the commission and to the city

of Camden; provided, that the sum appropriated shall be first applied toward the

reduction of the indebtedness owing to creditors and bondholders other than the city

of Camden and thereafter to said city to the extent of the obligation herein assumed

by the State; and, provided further, that prior to the application of any sum appropriated

toward the reduction of the indebtedness owing to the city of Camden said city shall

adopt such resolutions and ordinances, which it is hereby authorized to adopt, as

are necessary to make a contribution by way of extinguishment of a part of the debt

owing to it by the South Jersey Port Commission, which contribution shall include

any interest charges on the debt owing to it by said commission which may accrue from

the effective date of this act, and which contribution shall amount to such sum as

shall, when added to the sum to be appropriated pursuant to this section and the sum

appropriated pursuant to section 8 of Article II of chapter 84 of the laws of 1967, 1 permit the complete extinguishment of all indebtedness owing by the South Jersey

Port Commission to the city of Camden. 1

N.J.S.A. § 32:3-13.62 note.