40:63-31.1. Sale or lease of municipal facilities to privately-owned utility; conditions
Any municipality, wherein sewer facilities are provided by a privately-owned public utility subject to the jurisdiction of the Board of Public Utility Commissioners of the State of New Jersey and wherein there are also sewer facilities owned by the municipality, may lease or sell the sewer facilities owned by the municipality to the privately-owned public utility, provided that the following 2 conditions are complied with:
(a) An ordinance shall be duly adopted by the governing body of the municipality approving the terms and conditions of the agreement of lease or sale and authorizing the execution thereof. Said ordinance may incorporate said terms and conditions by reference to such an agreement on file with the clerk of the municipality.
(b) The terms and conditions of the agreement of lease or sale shall be approved by the Board of Public Utility Commissioners of the State of New Jersey.
L.1964, c. 26, s. 1.