[HISTORY: Adopted by the Township Committee of the Township of Waterford as indicated in article histories. Amendments noted where applicable.]
[Adopted 12-17-2003 by Ord. No. 2003-18]
The Township Committee of the Township of Waterford does hereby declare and establish a Municipal Water/Sewer Utility. This Utility shall hereafter be operated and maintained as a self-liquidating utility for all purposes of the Local Bond Law and Local Budget Law of the State of New Jersey. All real property, inventory, fixed assets, accounts receivable, contracts or other personalty previously owned by the Waterford Township Municipal Utilities Authority, which was dissolved by ordinance of the Township Committee and approved by the State of New Jersey Local Finance Board, shall hereafter be the property of the said utility.
Said utility is hereby authorized to charge such fees, rents, rates or other charges for or in connection with the use or services of such Municipal Utility, which sums shall be held, used and applied in accordance with the Local Bond Law and the Local Budget Law of the State of New Jersey as well as other applicable statues.
Management of the Utility hereinabove established shall be vested in the Township Committee of the Township of Waterford and shall be comprised effectively of those members of the Township Committee (governing body). The Township Committee shall have the power to establish reasonable rules and regulations governing the utility and its operations.
The existing debt service of the dissolved Waterford Township Municipal Utilities Authority shall be assumed by this newly created Water and Sewer Utility as permitted by N.J.S.A. 40A:5A-20.
As referenced in the executive summary of the application to the Local Finance Board, debt service coverage as required by the existing bond resolution will be maintained, and the services provided to the residents by the dissolved Authority will continue to be provided by the newly created Water and Sewer Utility.
A certified copy of this article will be on file with the Township Clerk and shall be forwarded to the State of New Jersey Department of Community Affairs, Division of Local Government Services.
[Adopted 7-14-2004 by Ord. No. 2004-12]
The Township of Waterford hereby adopts for the Municipal Water/Sewer Utility the rules, regulations and rates governing application for sanitary sewer and water service in the Township of Waterford, as prepared by Owen, Little & Associates, Inc., dated February 1998, and revised through June 26, 2003.
Editor's Note: Current water and sewer rates, as amended from time to time, are on file in the Township offices.