N.J.S.A. 40A:12A-54 — Appropriation of franchise assessments; apportionment of retained amount

40A:12A-54. Appropriation of franchise assessments; apportionment of retained amount 5. Any portion of the aggregate franchise assessment collected annually by the municipality which is not appropriated or expended by the municipality for purposes of the district as such purposes are provided in the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-1 et seq.), but is retained by the municipality, shall be apportioned between the municipality and the county in which the landfill reclamation improvement district is located, such that 90 percent of the retained franchise assessment collected in that year shall be retained by the municipality and 10 percent shall be transferred by the municipality to the county for use in economic development. L.1995,c.173,s.5; amended 1996,c.73,s.7.

This is the verbatim text of N.J.S.A. 40A:12A-54, 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.