N.J.S.A. 18A:74-22 — Credit to State for unused facilities, equipment, land.

18A:74-22 Credit to State for unused facilities, equipment, land. 9. Whenever public library facilities, items of equipment or land to which the State has contributed funds under this act are not used for the purposes authorized by the act, the President may require that the State be credited with its proportionate share of the fair market value of such facilities, equipment, or land. All moneys so credited shall be remitted to the Treasurer of the State of New Jersey. In no event, however, may the President require that the State be so credited when such facilities, equipment or land have been used in excess of 20 years for the purposes authorized by this act. L.1973,c.381,s.9; amended 2001,c.137,s.43.

This is the verbatim text of N.J.S.A. 18A:74-22, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.