[HISTORY: Adopted by the Bloomfield Council as indicated in article histories. Amendments noted where applicable.]
Administration of government — See Ch. 5.
[Adopted 9-7-1993 (Ch. 62, Art. I, of the 1987 Code)]
There is hereby created under the terms of this article a public utility for the purpose of operating, maintaining and preserving property within the Township of Bloomfield, County of Essex, State of New Jersey, to be used as a self-supporting rental unit enterprise facility, situated at the former Schering-Plough Complex, which shall be owned by the Township of Bloomfield and, for accounting purposes, be a separate entity, having its own borrowing capacity, its own separate accounts and its own separate property, whether it be real, personal or mixed.
The name by which the utility shall be known is the "Township of Bloomfield Orange Street Center," hereinafter the "utility."
It shall be the function of the utility to preserve, care for, lay out, construct, maintain, improve and operate lands, buildings and facilities used as a self-supporting rental unit enterprise center; to construct, reconstruct, alter, provide, renew and maintain buildings or other structures and equipment; and provide for the care, custody and control thereof in the operation of the utility; to raise money necessary to pay for the lands, rights or interest therein acquired for the rental unit enterprise center and for improving and equipping the same; to pay or make provision for the payment of the reasonable expenses in each fiscal year of the utility; to pay to those persons entitled thereto the interest and principal on notes and bonds of the utility; and to deposit and accumulate reserve funds or reserves.
The utility shall be governed by the ordinances, the administrative code and the resolutions adopted by the Township Council and by administrative directives.
The financial affairs of the utility shall be governed in accordance with the statutes applying to the financial affairs of the municipality and utilities in general.
The utility may, from time to time, acquire such real property as may be authorized by the Township Council by duly adopted ordinances according to the laws of the State of New Jersey.
The Township Council shall have full authority to appoint and employ all necessary employees for the utility. Salaries of the employees will be in accordance with classification and salary ordinances duly adopted by the Township Council.
The utility shall have authority to charge and collect moneys for the use of the Orange Street Center facilities, whether they are user charges, rental fees or lease payments, and to use these moneys to defray the cost of the acquisition of lands, buildings and facilities, rights and interests therein, to equip the facilities, to pay the utility's current expenses and to pay the interest and principal on notes and bonds.