[HISTORY: Derived from Ch. II, Sec. 2-12, of the Revised General Ordinances of the Borough of Fort Lee, 1978, adopted 3-1-1979. Amendments noted where applicable.]
A body corporate and politic is hereby created pursuant to and in conformity with N.J.S.A. 40:11A-4, to be known as the "Parking Authority of the Borough of Fort Lee."
[Amended 2-8-2018 by Ord. No. 2018-2]
The Parking Authority of the Borough of Fort Lee, initially comprised of five persons as Commissioners, shall be increased to seven persons to serve as Commissioners of the Authority, which persons shall be appointed by the governing body of the Borough. The Commissioners who are first appointed shall be designated to serve for the terms of one, two, three, four and five years, respectively, from the date of their appointment, but thereafter Commissioners shall be appointed as aforesaid for a term of five years, except that all vacancies shall be filled for the unexpired term.
The two additional Commissioners shall serve one- and two-year terms, respectively, from the date of their appointment, but thereafter Commissioners shall be appointed as aforesaid for a term of five years, except that all vacancies shall be filled for the unexpired term.
No real property shall be acquired by the power of eminent domain without the consent of the Borough Council.
The Authority shall have the power to issue bonds, in its discretion, for any of its corporate purposes. Neither the Commissioners of the Authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of the Authority (and such bonds and obligations shall so state on their face) shall not be a debt of the state nor of the borough and neither the state nor the borough shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the Authority. The bonds shall not constitute any indebtedness within the meaning of any debt limitation or restriction. Bonds of the Authority are declared to be issued for an essential public and government purpose and to be public instrumentalities and, together with interest thereon and income therefrom, shall be exempt from taxes. In order to secure the payment of such bonds or obligations, the Authority, in addition to its other powers, shall have power to pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.
The Commissioners of such Parking Authority shall exercise all the powers and Authority granted and be subject to all the provisions of Chapter 11A of Title 40 of the Revised Statutes of New Jersey and such other statutes now or hereafter enacted applicable to said parking authorities.