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1 NATIONAL LOAN ACQUISITIONS v. BRIDGETON MUNICIPAL PORT AUTHORITY -- rank: 1000

... adequately provide for the authority's creditors, the Board determined N.J.S.A. 40A:5A-21, the provision governing the dissolution of authorities by the Local ... or otherwise for all creditors or obligees of the authority. [ N.J.S.A. 40A:5A-21.] The Board did not take further action after it determined ... the municipality to assume the authority's debts. Plaintiff argues N.J.S.A. 40A:5A-21 empowers the Board to order the municipality to do the ... to do so due to their financial difficulties or mismanagement. N.J.S.A. 40A:5A-21." Stone v. Old Bridge , 111 N.J. 110 , 120 n ... he or she may convene a hearing before the Board. N.J.S.A. 40A:5A-21 vests in the Board the power, if it chooses, to ... for the authority's creditors or obligees. In our view, N.J.S.A. 40A:5A-21 does not authorize the Board to order the municipality ...

docket:	a1309-15
court:	NJ Superior Court Appellate Division
decided:	2017-03-23
status:	unpublished
citation:
Document Size:	40337