New Jersey § 54:4-3
Full text of New Jersey New Jersey Statutes § 54:4-3, with citation guidance and answers to common questions.
§ 54:4-3.
The agency or instrumentality of the eligible city shall pay over to the city all
net rents and other revenues received by the agency or instrumentality from its ownership,
operation, or leasing of the sports and entertainment project, after providing for
payment of all costs, expenses, and other obligations payable by the agency or instrumentality
from such rents or other revenues, including any amounts payable under any lease of
the sports and entertainment project. Prior to the funds being paid over to the eligible city, the agency or instrumentality
of the eligible city shall cause independent audits to be conducted of: 1) all funds
received and all costs, expenses, and obligations incurred by the agency or instrumentality
that were associated with the operation of the sports and entertainment project and
that are part of the calculation of the amount being paid over to the city; and 2)
the financial records of any primary lessee of the sports and entertainment project
that pertain to the amounts payable to the agency or instrumentality under a lease
agreement. A report of each audit shall be filed with the governing body of the eligible city
and with the Director of the Division of Local Government Services in the Department
of Community Affairs. An individual or firm shall not be employed or otherwise engaged by an agency or
instrumentality of an eligible city to conduct said audits without the prior written
approval of the Director of the Division of Local Government Services in the Department
of Community Affairs.
Frequently Asked Questions About New Jersey § 54:4-3
What does New Jersey Statutes § 54:4-3 cover?
Section 54:4-3 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 54:4-3?
A common citation format is "New Jersey Statutes § 54:4-3" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 54:4-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.