New Jersey Statutes 40:37C-6. Sale or lease of facilities; minimum amount of payments or rentals
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Terms Used In New Jersey Statutes 40:37C-6
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Any sale or lease of pollution control facilities entered into pursuant to the provisions of this act shall provide for payments or rentals adequate to pay the principal of and interest and premiums, if any, on bonds issued to finance such facilities as the same fall due and to create and maintain such reserves and accounts for depreciation, if any, as the authority shall determine to be necessary.
L.1973, c. 376, s. 6, eff. Jan. 9, 1974.