New Jersey § 55:19-48

§ 55:19-48.

a. Any county, by resolution of its governing body, shall have power to enter into

contracts with the authority relating to any project or projects situated within the

county; provided, however, that any such resolution shall be introduced in writing

at a meeting of the governing body and shall be passed upon first reading which may

be by title, and thereafter, the resolution shall be published with notice of the

introduction thereof and of the date, time and place of further consideration for

final passage, and on the date and at the time and place so advertised, all persons

interested shall be given the opportunity to be heard and after the hearing, the governing

body may proceed to reject or finally adopt the resolution by the recorded affirmative

votes of at least two-thirds of the full membership of the governing body; and provided,

further, that the resolution shall contain findings and determinations of the governing

body (1) that the project will maintain employment opportunities in the county or

provide new employment opportunities in the county and (2) that the contract with

the authority is a necessary inducement to the undertaking of the project in that

it makes the financing thereof feasible. The contract or contracts may provide for the payment to the authority by the county

annually or otherwise of such sum or sums of money, computed at fixed amounts or by

any formula, or in any other manner as may be fixed in or pursuant thereto. Any contract may be made and entered into for a term beginning currently or at some

future or contingent date and with or without consideration and for a specified or

unlimited time and on any terms and conditions which may be approved by the county

and which may be agreed to by the authority in conformity with its contracts with

the holders of any bonds, and shall be valid and binding on the county whether or

not an appropriation is made thereby prior to authorization or execution of the contract. Every county is hereby authorized and directed to do and perform any and all acts

and things necessary, convenient or desirable to carry out and perform any contract

entered into by it and to provide for the payment or discharge of any obligation thereunder

in the same manner as other obligations of the county. b. For the purpose of aiding the authority and cooperating in the planning, designing,

acquiring, constructing, reconstructing, improving, equipping and furnishing of any

project situate in any county, any county, by ordinance of its governing body, shall

have power from time to time and for such period and upon such terms, with or without

consideration, as may be provided by the ordinance and accepted by the authority: (1) to appropriate moneys for the purposes of the authority with respect to the project,

and to loan or donate such money to the authority in such installments and upon such

terms as may be agreed upon with the authority; (2) upon authorization by it in accordance with law of the performance of any act

or thing which it is empowered by law to authorize or perform and after appropriation

of the moneys, if any, necessary for that performance, to covenant and agree with

the authority to do and perform any act and as to the time, manner and other details

of its doing and performance; and (3) to appropriate money for all or any part of the cost of the acquisition or construction

of the project, and, in accordance with the limitations and exceptions thereto and

in the manner or mode of procedure prescribed by the local bond law to incur indebtedness,

borrow money and issue its negotiable bonds for the purpose of the project and appropriation,

and to pay the proceeds of those bonds to the authority. c. Any contract, and any instrument making or evidencing the same, may be pledged

or assigned by the authority, with the consent of the county executing the contract,

to secure its bonds and thereafter may not be modified except as provided by the terms

of such instrument or by the terms of the pledge or assignment.