The Borough Council shall appoint annually, at the organizational meeting,
a person to hold the position of Chief Financial Officer for a term of one
year. The person appointed shall hold a Municipal Financial Officer certificate
issued in accordance with N.J.S.A. 40A:9-140.1 et seq.; provided, however,
that any person who shall hold said position for a period of not less than
five consecutive years shall be granted tenure of office upon filing with
the Clerk of the Borough of New Providence and the Division of Local Government
Services in the Department of Community Affairs notification evidencing compliance
with this chapter and the above-referenced state law.
The Mayor and Council of the Borough of New Providence shall provide
annually by ordinance the compensation to be paid to the Chief Financial Officer;
provided, however, that whenever a person appointed to the position of Chief
Financial Officer also holds another position for which he or she is compensated
by the Borough of New Providence, said compensation shall be taken into consideration
in fixing the salary to be paid to such person as Chief Financial Officer.