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.
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.
