It is hereby created, under the terms of this chapter, a self-liquidating
public utility for all purposes of the Local Bond Law and Local Budget
Law of the State of New Jersey for the purpose of operating, maintaining
and preserving property within the Borough of Haddonfield, County
of Camden, State of New Jersey (the "Borough"), to be used as public
parks, playgrounds, tennis facilities, and recreational fields which
shall be owned by the Borough and for accounting purposes be a separate
entity, having its own borrowing capacity, its own separate accounts
and its own separate property, whether it be real, personal or mixed.
The name by which the utility shall be known as is the "Borough
of Haddonfield Recreation Utility," hereinafter called the "Utility."
The Utility shall have the authority to establish, charge, and
collect approved fees for program activities and for the use of the
Utility's facilities in accordance with municipal ordinances
and to use these moneys to defray the cost of the acquisition of lands,
rights and interests therein, to equip the facilities, to maintain
and improve the public parks, playgrounds, tennis facilities, and
recreational fields, to pay the Utility's current expenses and
to pay the interest and principal on notes and bonds.
The financial affairs of the Utility shall be governed in accordance
with the laws applying to the financial affairs of the municipality
and utilities in general and shall be under the direct supervision
and control of the Borough of Haddonfield Chief Financial Officer.
The Utility may, from time to time, acquire such real property
as may be authorized by the Board of Commissioners by duly adopted
ordinances according to the laws of the State of New Jersey.