There is hereby established the Borough of South River Electric
Utility within the Utilities Department of the Borough of South River
for the operation of electric services and the charging of rates and
establishing rules and regulations governing the providing of electric
service in the Borough of South River. The electrical system, including
any appurtenant structures, works, fixtures and equipment relating
thereto and all extensions and improvements thereof situate in, constructed
or acquired at public expense by the Borough of South River (the system),
shall be operated, under the direction and control of the Mayor and
Council of the Borough of South River, as a publicly owned municipal
electric utility and shall, for accounting purposes, be a separate
entity having its own borrowing capacity, its own separate accounts
and its own separate property, whether real, personal or mixed, within
the meaning of N.J.S.A. 40A:4-33, and all other provisions of other
applicable laws.