The Borough-owned marina, hereby designated and to be known as the "Borough of Seaside Park Marina," shall be operated by the Borough as a utility, which is hereby established as the "Borough of Seaside Park Marina Utility."
All revenue and accounting for the Borough of Seaside Park Marina Utility shall be on a dedicated utility basis in conformance with provisions of the Local Budget Law, N.J.S.A. 40A:4-1 et seq. All revenue derived from the operation of the Marina Utility or applicable to its support shall be segregated and kept in a separate fund which shall be known as the "Borough of Seaside Park Marina Utility Fund" and all disbursements for the operation and maintenance for the Marina Utility shall be taken from this fund.
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Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
The Borough of Seaside Park Marina Utility budget shall set forth the appropriations in the form and detail prescribed by regulations to be adopted by the Borough Council and shall include categories for operations, interest and debt retirement, deferred charges and statutory expenditures.
The Borough of Seaside Park Marina Utility is assuming the responsibility for the general capital debt incurred in connection with the acquisition of the Marina Utility property and related expenses.