WHEREAS, the Board of Commissioners of the Town of West New York, in the County of Hudson, State of New Jersey (the "Town"), has determined that it is in the best interests of the residents of the Town to dissolve the Parking Authority of the Town of West New York (the "WNYPA") and merge the duties and responsibilities thereof into a newly formulated municipal parking utility; and
WHEREAS, pursuant to statute, a municipality is permitted to operate municipal utilities; and
WHEREAS, pursuant to N.J.S.A. 40A:1-1, a municipal public utility is defined as any enterprise from which a municipality anticipates it will receive fees, rents or other charges; and
WHEREAS, a municipal utility is required for accounting and budgetary purposes, to be treated as a separate and distinct entity pursuant to N.J.S.A. 40A:4-62; and
WHEREAS, in light of the dissolution of the WNYPA, the Town wishes to create a municipal utility encompassing its parking operations to accurately and properly budget and account for the expenses and revenues relating thereto in a manner which is permitted by statute and which is separate and distinct from the usual operations of municipal government: