New Jersey § 32:11d-86

§ 32:11d-86.

(a) The commission shall annually adopt a capital budget including all capital projects

it proposes to undertake or continue during the budget period containing a statement

of the estimated cost of each project and the method of financing thereof. (b) The commission shall annually adopt a current expense budget for each fiscal year. Such budget shall include the commission's estimated expenses for administration,

operation, maintenance and repairs, including a separate statement thereof for each

project, together with its cost allocation. The total of such expenses shall be balanced by the commission's estimated revenues

from all sources, including the cost allocations undertaken by any of the signatory

parties in connection with any project. Following the adoption of the annual current expense budget by the commission, the

executive director of the commission shall: (1) certify to the respective signatory parties the amounts due in accordance with

existing cost sharing established for each project; and (2) transmit certified copies of such budget to the principal budget officer of the

respective signatory parties at such time and in such manner as may be required under

their respective budgetary procedures. The amount required to balance the current expense budget in addition to the aggregate

amount of item (1) above and all other revenues available to the commission shall

be apportioned equitably among the signatory parties by unanimous vote of the commission,

and the amount of such apportionment to each signatory party shall be certified together

with the budget. (c) The respective signatory parties covenant and agree to include the amounts so

apportioned for the support of the current expense budget in their respective budgets

next to be adopted, subject to such review and approval as may be required by their

respective budgetary processes. Such amounts shall be due and payable to the commission in quarterly installments

during its fiscal year, provided that the commission may draw upon its working capital

to finance its current expense budget pending remittances by the signatory parties.