Pursuant to N.J.S.A. 40:55D-53.1, the Township of Shamong shall retain
for administrative expenses a sum equivalent to 33 1/3% of the entire
amount of interest earned and paid on amounts of money in excess of $5,000
which are deposited by an applicant with the Township for professional services
employed by the municipality to review applications for development, for municipal
inspection fees in accordance with N.J.S.A. 40:55D-53(h) or to satisfy the
guarantee requirements of 40:55D-53(a), provided that the amount of interest
earned on said deposit exceeds $100 for the year.
Interest shall be paid to the applicant and to the Township on a quarterly
basis, said payments to commence after the interest earned on said deposit
exceeds $100.
Interest retained by the Township pursuant to N.J.S.A. 40:55D-53.1 and
the provisions of this chapter shall be in lieu of all other administrative
and custodial expenses.