In accordance with the Local Redevelopment and Housing Law,
P.L. 1992, c. 79, (N.J.S.A. 40A:12A-1 et seq.) there is hereby continued
a body corporate and politic to be known as the "City of South Amboy
Redevelopment Agency" (hereinafter referred to as the "Agency"), which
is an instrumentality of the City of South Amboy. The Agency shall
act pursuant to the procedures of the Local Authorities Fiscal Control
Law, P.L. 1983, c. 313 (N.J.S.A. 40A:5A-1 et seq.), as amended and
supplemented.
The Agency shall have all the powers, rights, duties and obligations
as set forth in the Local Redevelopment and Housing Law, P.L. 1992,
c. 79 (N.J.S.A. 40A:12A-1 et seq.), and as now are and may be hereafter
granted and imposed by law.