The sewer plant and sewer system currently existing
in the Borough of Palmyra pursuant to N.J.S.A. 40:63-1 et seq. and governed by Chapter
215, Sewers, of the Borough of Palmyra Code are hereby officially designated as the "Palmyra Sewer Utility."
Chapter
215, Sewers, of the Palmyra Code relating to the operation, rules and rates of the sewer system remains in full force and effect and shall hereafter govern the Utility under its new title and status.
The provisions of the Local Budget Law, N.J.S.A.
40A:4-1 et seq., and in particular N.J.S.A. 40A:4-33 through 40A:4-35
and 40A:4-62, shall apply to said Utility, that is, there shall be
a separate budget for said Utility and a segregated Utility fund.
The purpose of this chapter is to remove the
sewer operations from "final appropriations" of the Borough of Palmyra,
as said term is used in N.J.S.A. 40A:4-45.2, and, so as to exclude
them from the computation of spending limitations under that statute,
it shall be so construed.
The accounting and budget changes mandated by
this chapter shall take effect immediately after the close of the
1979 budget year.