New Jersey § 40a:5a-4

§ 40a:5a-4.

On and after the effective date of this act, no authority shall be created by any

local unit or units without the prior approval of the Local Finance Board. Prior to the introduction of an ordinance or the adoption of a resolution to create

an authority, the local unit or units proposing this creation shall make application

to the Local Finance Board for its approval. The application shall contain: a. A copy of the proposed ordinance or resolution creating the authority; b. A statement, in brief and general terms, of the project or projects to be undertaken,

the estimated project cost, the manner of project financing, and the area to be served

by the project; c. A proposed budget for the first year of authority operation, including a table

of organization, personnel requirements, the level of staff required for supervision

of the operation of the authority and the proposed source or sources of the authority's

funding; and d. A statement, in the form prescribed by the Local Finance Board, indicating that

the local unit or units have considered alternative means of undertaking and financing

the proposed project or projects and have determined that the creation of an authority

is the most efficient and feasible means of providing and financing the project or

projects. The Local Finance Board may consider estimates, computations or calculations made

in connection with an application, may require the production of papers, documents,

witnesses or information, may make or cause to be made an audit or investigation,

and may take any other appropriate action necessary to its consideration of whether

or not to approve the creation of an authority.