[HISTORY: Adopted by the Township Committee of the Township of Shamong 7-5-1989 by Ord. No. 1989-6. Amendments noted where applicable.]
Land development — See Ch. 110.
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.