State Codes and Statutes

Statutes > New-jersey > Title-58 > Section-58-5 > 58-5-37

58:5-37.  Contracts with municipalities relating to water transmission facilities
    Subject to the provisions of the water supply law, but notwithstanding the provisions of any other law, a commission and any municipality or municipalities may enter into a contract or contracts providing for or relating  to:  the treatment, filtration, transmission or distribution of any supply of  water made available by the State including the formulation of plans for a  project, the necessary engineering, financial and other studies and  investigations of the feasibility of such project and the method of payment of  the costs of such studies and investigations;  the acquisition and construction  of a project and the financing of the costs thereof and of any additions,  extensions and improvements thereof and the terms and conditions upon which  such acquisition, construction and financing shall be undertaken; and the  operation and maintenance of a project, the treatment, filtration, or transmission of water, and the apportionment and distribution of water among and to the municipalities participating in a project, and the payments to be made to the commission by the municipalities to meet the cost of purchase of water, operating and maintenance expenses and debt service including any payments into reserve or other funds for the security of bondholders and to meet or discharge other obligations to bondholders.  Any such contract may provide for the payment to the commission by a municipality annually or at more  frequent intervals of such sum or sums of money, computed at fixed amounts or  by formula based on any pertinent factors or other matters or in any other manner as said contract may provide.  Any such contract may be authorized on behalf of the municipality by ordinance and may be made with or without consideration and for a specified or an unlimited time and on any terms and conditions which may be approved by such municipality and which may be agreed  to by the commission in conformity with its contracts with the holders of any  bonds, and shall be valid whether or not an appropriation with respect thereto  is made by such municipality prior to authorization or execution thereof.  Such  municipality is hereby authorized and directed to do and perform any and all  acts or things necessary, convenient or desirable to carry out and perform  every such contract and to provide for the payment or discharge of any  obligation thereunder in the same manner as other obligations of such  municipality.  Subject to any such contracts with the holders of bonds, the  commission is hereby authorized to do and perform any and all acts or things  necessary, convenient or desirable to carry out and perform every such  contract.

     L.1962, c. 167, s. 7.