New Jersey § 34:1b-158

§ 34:1b-158.

Notwithstanding the provisions of this act to the contrary, the authority shall not

acquire from the South Jersey Port Corporation the former port facilities of the Salem

Municipal Port Authority as acquired previously from the Salem Municipal Port Authority

by the South Jersey Port Corporation. The South Jersey Port Corporation shall, not later than six months after the effective

date of this act, enter into a lease or other agreement with a person other than a

public entity to operate and maintain the former port facilities of the Salem Municipal

Port Authority previously acquired by the South Jersey Port Corporation, including

other real property previously acquired by that corporation from the county of Salem

or the City of Salem and located in the City of Salem. If the South Jersey Port Corporation fails to enter into such a lease or other agreement

within that six-month period, the South Jersey Port Corporation shall, at the expiration

of that period, transfer all right, title and interest to those facilities to the

New Jersey Economic Development Authority. If the South Jersey Port Corporation has entered into such lease or other agreement

within the six-month period, the South Jersey Port Corporation shall, at the expiration

or termination of such lease or other agreement, transfer all right, title and interest

to those facilities to the New Jersey Economic Development Authority unless the lessee

or operator of those facilities shall have exercised an option to purchase or acquire

the facilities pursuant to the lease or agreement. The New Jersey Economic Development Authority shall be authorized to acquire all right,

title, and interest to those facilities if transferred pursuant to this section. Any agreement entered into pursuant to this section shall be subject to the approval

of the State Treasurer and if such an agreement shall result in any payments to the

South Jersey Port Corporation such payments shall be remitted to the State Treasurer

for deposit in the General Fund less those amounts that the South Jersey Port Corporation

is required to pay to other public entities under the terms of leases referred to

in paragraphs (1) and (2) of “Salem facility rights” as defined in section 3 of this

act. 1 1

N.J.S.A. § 34:1B-146.