New Jersey Statutes|Section 40:34A-5: Municipalities; powers

                                                
  Every municipality shall have the power from time to time, by or pursuant to ordinance duly adopted or by instruments or other action authorized by such ordinance and for such period and upon such terms, with or without consideration, as may be provided in such ordinance and accepted by the county: (a) to pledge to the county, and covenant and agree with the county to pay to or on the order of the county, all or any part of any funds theretofore or thereafter received by the municipality for or with respect to the parking or storage of motor vehicles, in streets or otherwise, including funds collected in parking meters located in or along streets or otherwise, (b) to sell, lease, lend, donate, grant or convey to the county, or permit the county to use, maintain or operate as part of its public parking system any parking project, lot, facility, garage or undertaking constructed or owned by the municipality, or any meters, equipment or other real or personal property owned by the municipality, which may be necessary or useful and convenient for the purposes of the county or such parking system, (c) to appropriate money for all or any part of the cost of acquisition or construction of any off-street parking facility of the county and, in accordance with the limitations and any exceptions thereto and in the manner or mode of procedure prescribed by the local bond law, to incur indebtedness, borrow money and issue its negotiable bonds for the purpose of financing such facility and appropriation, and to pay the proceeds of such bonds to the county, (d) to covenant and agree with the county to pay to or on the order of the county annually or at shorter intervals not exceeding such sums or amounts of money as may be stated or provided for by formula or otherwise in such ordinance or in any agreement thereunder authorized as a subsidy for the promotion of its purposes, or for payments on account of any cost or expense or the use or services of all or any of the off-street parking facilities of the county or the establishment or provision thereof, and (e) upon authorization by it in accordance with law of the performance of any act or thing which it is empowered by law to authorize and perform and after appropriation of the moneys (if any) necessary for such performance, to covenant and agree with the county to do and perform such act or thing and as to the time, manner and other details of its doing and performance. 
 
 L.1972, c. 83, s. 5, eff. July 10, 1972.