[HISTORY: Adopted by the Township Committee of the Township of Pemberton 4-11-1980 as Ord. No. 10-1980. Section 50-2 amended at time of adoption of Code; see Ch. 1, General Provisions, Art. I. Other amendments noted where applicable.]
Municipal Utilities Authority — See Ch. 55.
The revenues derived by the township by virtue of its ownership of the systems, which revenues shall be in the form of rent paid to the township by the Authority pursuant to the agreement of lease, and the appropriations in respect of the systems shall hereafter be set forth in a separate section of the budget of the township in each fiscal year of the township, and appropriate officials of the township and the Township Auditor are hereby authorized and directed to take such action and to prepare such documentation as shall be necessary or appropriate to effect the establishment of said separate section of the township budget.
Editor's Note: A preamble to Ord. No. 10-1980 recites that in the 1980 fiscal year the Township of Pemberton ("township") intends to acquire the sewage treatment and collection systems ("systems") of the Pemberton Township Municipal Utilities Authority ("Authority"), to finance the acquisition with a loan from the Farmers Home Administration of the United States Department of Agriculture and to lease the systems to the Authority under an agreement of lease providing that the Authority shall pay rent to the township in amounts sufficient to enable the township to pay debt service on its loan.
The preamble also recites that the Local Finance Board of the New Jersey Department of Community Affairs ("Local Finance Board") has determined that the systems as acquired and expanded constitute a self-liquidating purpose under the Local Bond Law and that the loan is not to be included in the net debt of the township.
The preamble further states that the Local Finance Board has directed the township to take such action as shall be necessary to place the revenues derived from its ownership of the system and appropriations therefor in a separate section of the township budget and to establish a separate fund into which all moneys derived from the systems are to be separated and applied only as provided in the Local Budget Law.
All moneys derived by the township from the systems shall be segregated by the township and held in a separate fund to be known as the "Sewer Utility Fund," as prescribed by Section 40A:4-62 of the Local Budget Law and the Local Finance Board order, and shall be applied by the township as provided in said Section 40A:4-62. The Township Administrator and such other persons as may be designated by the Administrator are hereby authorized and directed to take such action and prepare such documentation as shall be necessary or appropriate to effect the establishment of the Sewer Utility Fund.
As required by Section 40A:4-63 of the Local Budget Law, moneys held in the Sewer Utility Fund shall be treated by township officials as moneys held in trust for the purpose for which the Sewer Utility Fund was created, and no banking institution accepting the Sewer Utility Fund shall divert the moneys therein to any other purpose.