(a) “Adjustment year” means the year in which the respective obligations of the intermunicipal account and the constituent municipalities of the district are due and payable.

(b) “Intermunicipal account” means the administrative device established and administered by the commission to record all the transactions made pursuant to this article for the purpose of calculating the meadowlands adjustment payment for each constituent municipality, and to act as the clearinghouse for the transfer of the meadowlands adjustment payments among the constituent municipalities as required by this article.

(c) “Meadowlands adjustment payment” means the amount that is payable by each constituent municipality to the intermunicipal account, or the amount that is payable by the intermunicipal account to each municipality, as the commission shall determine the case to be, pursuant to the provisions of this article.

(d) “Resident enrollment” means the number of full-time pupils who are residents of the school district and who are enrolled in day schools on the last day of September during the school year in which calculation of aid is made and are attending the public schools of the school district or a school district or State teachers’ college demonstration school in which the school district of residence pays tuition; school district may count in its enrollment any pupil regularly attending on a full-time basis a county vocational school in the same county, for which the school district pays tuition.

(e) “Base year” means the calendar year 1970.

(f) “Comparison year” means the second calendar year preceding the adjustment year.

(g) “Apportionment rate” means a rate determined as follows:

(1) The total property taxes levied for local, school, and veterans’ and senior citizens’ purposes, as certified pursuant to R.S. 54:4-52, of the municipality in the comparison year after the meadowlands adjustment payment made in that comparison year has been subtracted or added, as the case may be, divided by

(2) The aggregate true value of all taxable real property, exclusive of Class II railroad property, located in the municipality, both within and without the district, in the comparison year, as determined by the Director of the Division of Taxation on October 1 of the comparison year, pursuant to P.L. 1954, c. 86, as amended, as the same may have been modified by the tax court. If a tax appeal is decided after calculations are made for an adjustment year, the next year’s calculations must show a retroactive correction for the applicable preceding two years.

L. 1968, c. 404, s. 59.1; amended 1972, c.103, s.2; amended 1983, c.36, s.2; 1989,c.26,s.1.