A.
Creation. Pursuant to N.J.S.A. 40:62-106, a sewer and water utility is hereby created and established in and for the Township of Medford, to be known as the "Medford Township Sewer and Water Division in the Department of Neighborhood Services."
B.
Accounting. All future revenue and accounting therefor from said sewer and water utility shall be on a dedicated utility basis in conformity with N.J.S.A. 40A:4-35, and all moneys derived from the operation of said sewer and water utility and any other moneys applicable to its support shall be segregated and kept in a separate fund, which shall be known as the "Sewer and Water Utility Fund," and all disbursements for the operation and maintenance of said sewer and water utility shall be taken from said Sewer and Water Utility Fund.
C.
Budget. The dedicated budget of this sewer and water utility shall include appropriations for operating expenses, capital improvements, debt service and for the payment of all bonds, principal and interest and all other deferred charges and statutory expenses as may be required.
D.
Administration. The administration of the sewer and water utility shall be under the Township Manager or the Manager's designee in the Division of Water and Sewer in the Department of Public Works.
E.
Prior bonds not affected. The sewer and water systems for Medford Township were acquired and/or commenced operation at separate times. As such, there are outstanding bonds wherein specific sewer and/or water revenues are pledged and/or guaranteed for the repayment of said obligations. The operation of a joint sewer and water utility pursuant to the terms of this article shall not affect, impair or in any way alter the obligations of the Township with reference to said bonds.