New Jersey Statutes 40A:26B-12. Acquisitions relative to stormwater utility
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Terms Used In New Jersey Statutes 40A:26B-12
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
12. a. A county, municipality, or authority that establishes a stormwater utility pursuant to P.L.2019, c.42 (C. 40A:26B-1 et al.) may acquire by gift, grant, purchase, or condemnation, or in any other lawful manner, any privately-owned stormwater management system, or any real property necessary for the construction, improvement, operation, or maintenance of a stormwater management system.
b. If a county, municipality, or authority requires any payment as a condition of, or in connection with, assuming ownership, operation, or maintenance of any privately-owned stormwater management system, the payment shall not exceed the costs attributable to the ownership, operation, or maintenance of that stormwater management system.
L.2019, c.42, s.12.