[HISTORY: Adopted by the Mayor and Council of the Borough of Roselle as indicated in article histories. Amendments noted where applicable.]
[Adopted 11-19-2001 by Ord. No. 2143]
The property described herein is a rehabilitated multifamily structure.
The improvement described in § 24-1 of this article and the purpose of the financing is the purchase of a housing project restricted to residents 55 or older.
The improvements hereby authorized, i.e., Roselle Sheridan Gardens is hereby created and established as a municipal utility for all of the purposes of the laws of New Jersey, and it is hereby found and determined to be a utility, enterprise or purpose authorized to be undertaken by the Borough and from which it may receive rents, fees and other charges, and all rents fees or other charges received by the Borough for or in connection with the use or services of such municipal public utility shall be held, used and applied in accordance with the provisions of the mortgage to be given to the Union County Improvement Authority to secure the permanent financing heretofore set forth.
The municipal public utility herein authorized constitutes a municipal public utility which is deemed to be self-liquidating as defined in N.J.S.A. 40A:2-45.
[Adopted 2-20-2002 by Ord. No. 2152]
The Roselle Sheridan Gardens Municipal Public Utility and its managing agent, B.P. Slavitt Associates, Inc., shall adhere to the following rent schedule, which may be altered by subsequent resolution in lieu of ordinance: