New Jersey § acts:saved-40 - (100)

§ acts:saved-40. (100)

30. All moneys received from (a) the residents of the city or from other consumers for water supplies, (b) other services performed by the water department, (c) sale, lease or disposal of water reserve lands as hereinafter provided, (d) the proceeds of bonds or notes issued in such city for the uses or purposes of

the water department, and (e) appropriations of the city council for the use or purpose of the water department,

shall be kept in a special fund to be known as the “water department fund” which shall

be paid out only on warrants or checks signed by the chairman or president of the

board of water commissioners and the mayor. The said board shall, on or before a certain day in each year, to be fixed by the

board, cause a careful estimate to be made of the interest on the water debt, cost

of managing and keeping in repair and operation the works for the ensuing year, the

amount to be received during the same year for the use of water and water rents, and

the deficiency, if any, of such receipts for the payment of such expenditures, and

shall report the same in writing to the city council, and if there is any deficiency

the said report shall be submitted no later than January 25 of the year in which the

deficiency is anticipated, whereupon the city council shall include in the annual

budget an appropriation to meet any such deficiency. In case of any such deficiency, the city council shall have the right and power

to review and pass upon the budget of the water department for the year of the deficiency

in the same manner as the rest of the municipal budget, but otherwise shall not be

required to vote thereon. The board shall not have the power to incur indebtedness and any bond issue required

for capital expenditures shall require authorization by ordinance. If the surplus accumulated by the water department and reserves not committed as

allowed by law shall exceed at the end of any fiscal year 50% of the gross revenue

for that year from the sale of water to the inhabitants of the city or other consumers,

then the board of water commissioners shall appropriate the excess over 50% to and

for the general use of the city unless the city council by resolution authorizes the

board of water commissioners to retain part or all of the said excess for some other

lawful purpose.