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Terms Used In New Jersey Statutes 40:8-2

  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
40:8-2. The governing body of any municipality may acquire, establish, construct, own, control, lease, equip, improve, maintain, operate and regulate airports or landing fields for the use of airplanes and other aircraft within or without the limits of such municipality and may use for such purpose or purposes any property, owned or controlled by such municipality, suitable therefor, provided that the provision or performance of goods or services in connection with the operation, management or administration of an airport shall be done pursuant to the “Local Public Contracts Law,” P.L.1971, c.198 (C. 40A:11-1 et seq.) and any supplements thereto.

Amended 1947, c.85; 1999, c.440, s.41.