The sewerage treatment plant and sewerage system currently existing in the Borough of Medford Lakes pursuant to N.J.S.A. 40A:26A-1 et seq. and governed by Chapter
190, Sewers, Article
III, Rates and Charges, as amended, is hereby officially designated as the Medford Lakes Sewer Utility.
Chapter
190, Sewers, Article
III, Rates and Charges, as amended, relating to operation, rules and rates of the sewer system remains in full force and effect, and shall hereafter govern the utility under its new title and status.
The provisions of the Local Budget Law, N.J.S.A. 40A:4-1 et seq., in
particular N.J.S.A. 40A:4-33 through 40A:4-35 and N.J.S.A. 40A:4-62 shall
apply to said utility; that is, there shall be a separate budget for said
utility and a segregated Utility Fund.
The purpose of this chapter is to remove sewer operations from "final
appropriations" of the Borough of Medford Lakes, as said term is used in N.J.S.A.
40A:4-45.2, so as to exclude them from computation of spending limitations
under that statute. It shall be so construed.