New Jersey Acts Saved from Repeal ACTS SAVED 13 § 12-12(1)

1. Any municipality in which is located or through which passes any part of the “Morris canal”, as the same is defined and described in chapter 212 of the laws of the year 1922, and chapters 78 and 229 of the laws of the year 1924, or within which municipality there is located any property the title to which is now vested in the Morris Canal and Banking Company in trust for the state of New Jersey, and which municipality has acquired or shall acquire for public use, pursuant to the provisions of said acts, or either of them, or otherwise, any parts of said canal property either within or without its boundaries, shall have and is hereby given authority and power to lay out, construct and complete in and on the canal property so acquired for public use as aforesaid, and on any other property acquired by it for use in connection therewith, an electric railway, with all necessary or convenient stations, connections, turnouts, switches, loops, structures, tunnels, entrances, exits and appurtenances, either underground, above or upon the surface of said property, and all other means and appliances necessary or proper to constitute the same a complete electric railway, and to extend the same to or connect with the lines or stations of any street railway, traction or steam railroad company; and such municipality is further authorized to enter into such contracts with any street railway, traction or steam railroad company as it may deem advisable to secure the operation of said railway, or it may lease the same to any electric railway or traction company which may be authorized by law to lease and operate the same, for a period not to exceed fifty years, with the privilege of a renewal of said lease or contract for a further period not to exceed fifty years, upon such terms and conditions and for such consideration as may be therein agreed upon; and in fixing such terms, conditions and consideration the said municipality is authorized, if it deems it advantageous to do so, to provide in said contract or lease for the payment to it by such lessee or operating company, annually or otherwise during the term of such lease or contract or any renewal thereof, of a gross amount for the use, occupation and enjoyment of said electric railway and appurtenances, and in satisfaction or discharge of all other obligations of said lessee or operating company to such municipality arising or accruing from any operation of said railway or traction company within such municipality by virtue of any contract, ordinance, statute or otherwise, including the payment or adjustment of any franchise or other tax accruing or resulting from the operation of such municipal railway and other lines of such lessee or operating company.