N.J.S.A. § 54:4-115. — Method of procedure by municipality

Such settlement, being agreed to between the owner and the municipality, subject to the provisions of sections 54:4-114 to 54:4-121 of this title, the method of procedure shall be for the governing body of such municipality to introduce a resolution at a regular meeting, setting forth the amount of past-due municipal charges, and proposed settlement, adjustment by conveyance as aforesaid, and specifying the property proposed to be conveyed, which resolution shall fix a time for hearing thereon before the governing body of such municipality, so that an advertisement of such hearing may be made at least ten days prior to such hearing. Said advertisement of hearing shall be published once in a newspaper published in said municipality or county wherein the municipality is located. If favorable action is had upon said resolution and upon said hearing, a further resolution shall be introduced and if passed by such governing body, same shall confirm the transaction as proposed upon the submission of the entire matter to the funding commission as established by section 40:1-67 of the title Municipalities and Counties, for its approval or disapproval. With the papers presented to the funding commission shall be an appraisal of the property proposed to be conveyed, by a disinterested and licensed real estate agent, under oath, showing value of such property and its possibilities as an asset, if acquired by the municipality.