[Adopted 11-30-2020 by Ord. No. 2020-29]
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.