N.J.S.A. 55:18-3 — Qualifications of prospective lessee

55:18-3. Qualifications of prospective lessee Before any lease is entered into under authority of this act the prospective lessee shall demonstrate to the satisfaction of the municipal governing body: (1) Its financial capacity to undertake the proposed conversion, maintenance and operation, including reliable commitments for any financing reasonably required to meet its obligations under, and resulting from, the terms of the lease; and (2) Its possession of adequate experience in, and qualification for, the management of projects of comparable type and magnitude, or firm agreements to acquire the same through contractual arrangements conditioned upon execution of the lease. L.1983, c. 335, s. 3, eff. Sept. 2, 1983.

This is the verbatim text of N.J.S.A. 55:18-3, 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.