A. 
The governing body may authorize the Planning Board to prepare a program of municipal capital improvement projects to be carried out over a period of at least six years in accordance with N.J.S.A. 40:55D-29 et seq.
B. 
Whenever the Planning Board is authorized to prepare a capital improvements program, every municipal department, authority or agency shall, upon the demand of the Planning Board, submit to the Board a statement of capital projects proposed by each department, authority or agency for study, advice and recommendation by the Planning Board.
The governing body may adopt the program as recommended by the Planning Board with any modification approved by a majority vote of the full authorized membership, recording the reasons for any modification.
Upon adopting any portion of the Master Plan, the governing body or other public body having jurisdiction over the subject matter shall refer any capital improvements project to the Planning Board for review and recommendation in conjunction with the Master Plan and shall not act thereon without such recommendation, which shall be made no later than 45 calendar days after the reference, prior to the expenditure of public funds.