SENATE, No. 2311
STATE OF NEW JERSEY
INTRODUCED DECEMBER 1, 1997
By Senator CASEY
An Act concerning limits on leases by the Board of Island Managers of Burlington Island and amending P.L.1852, c.85.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 2 of P.L.1852, c.85 is amended to read as follows:
2. That, by such name as aforesaid, the said managers and treasurer, and their successors, shall become seized, invested with, and possessed of all such real and personal estate, or the rents, issues, and profits thereof, or any interest therein, which doth or shall belong unto or constitute any part or portion of the aforesaid school fund, and, by such name, they shall for ever hereafter hold, possess, and enjoy the same; and also shall, by the like name, for ever thereafter be authorized, in law, to purchase, take, hold, receive, and enjoy any lands, tenements, or hereditaments, in fee simple or otherwise, by the gift, alienation, or devise of any person or persons able to grant or devise the same; and also, goods, chattels, legacies, and donations, granted and given to said managers and treasurer for the use aforesaid, of what kind or quality soever, so that the yearly value of said real and personal estate doth not exceed ten thousand dollars; and also, that the said managers and treasurer, and their successors, by the name aforesaid, shall and may have power to grant, convey, lease, assign, or otherwise dispose of all or any of their lands, tenements, or hereditaments, goods, chattels, and personal estate whatsoever, as to them shall seem meet, for the uses and benefit of the school fund for the education of youth aforesaid; provided, that the manager and treasurer, so chosen as aforesaid, shall not be authorized to sell or convey in fee simple the Matinicunk island, or any part thereof, or any of the real estate belonging to the said school fund, without the consent of the citizens of the said city, qualified as aforesaid, in a town meeting duly convened for the purpose of deciding the same[; nor shall the said managers and treasurer make any lease of the real estate belonging to the said school fund, or any part thereof, to continue for a longer term than five years].
(cf: P.L.1852, c.85, s.2)
2. This act shall take effect immediately.
This bill modifies the charter of the Board of Island Managers for Burlington Island to remove the prohibition against the leasing of real estate belonging to the school fund controlled by the board for periods longer than five years. The sponsor believes that this limitation on the leasing of school fund property has frustrated the potential development of Burlington Island and therefore has limited the amount of revenues available to the school fund. Removal of the lease restriction is intended to increase the revenues of the school fund and benefit the children of Burlington City.
Modifies charter of Board of Island Managers for Burlington Island to permit leases of school fund property in excess of five years.