New Jersey § 13:17-60

§ 13:17-60.

(a) The Legislature hereby finds and declares that a vital component of any comprehensive

plan for the development of the meadowland district, is a program whereby the financial

benefits and liabilities of each constituent municipality, are clearly established

and equitably distributed. Article 9 of this act provides for such a program, by the creation of an intermunicipal

account, and specifically provides that each constituent municipality will be guaranteed,

in perpetuity, against loss of its present existing tax ratable values within the

meadowland district occurring by reason of the acquisition of taxable real property,

through purchase, eminent domain or gift, by a governmental body or agency to be used

for a public purpose, to the extent that such loss of existing tax ratable values

is not offset by increased true value of the remaining taxable real property within

the district, and will equitably share in the new financial benefits and new costs

resulting from the development of the meadowland district as a whole. This article further provides that the Hackensack Meadowlands Development Commission

shall not be able to receive any funds from the intermunicipal account. (b) The Hackensack Meadowlands Development Commission shall, in 1974, and every year

thereafter, submit a report to the Meadowlands Municipal Committee and the Legislature,

relating to the operation of the intermunicipal account in the prior year, and shall

recommend, when it deems necessary, such amendments to this article as it may deem

necessary, to carry out the legislative intent herein stated.