11. a. A municipal utilities authority with a water supply operation shall be required to conduct a periodic study of the adequacy and reasonableness of the rates, fees, rents, or charges for the operation. The Local Finance Board in the Department of Community Affairs shall adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.), the procedures, requirements, and frequency of the study. Each completed study shall be submitted to the Director of the Division of Local Government Services in the Department of Community Affairs along with the annual budget of the authority.

b. The director may summon appropriate officials of the authority to a hearing before the Local Finance Board if the director determines that the authority’s rates, fees, rents, or charges may not be adequate or reasonable as supported by a study conducted pursuant to subsection a. of this section, or if the authority fails to conduct a study pursuant to subsection a. of this section. The Local Finance Board may require the production of papers, documents, witnesses, or information and may take or cause to be made an audit or investigation of the circumstances with respect to which the hearing was called. After the hearing, the Local Finance Board shall have the power to order the authority to adjust the rents, rates, fees, or charges for its water supply operation, or take such other action as the Local Finance Board deems appropriate to ensure the integrity of the water infrastructure owned by the authority, and this order shall be valid and enforceable notwithstanding any provision of R.S.48:2-1 et seq. to the contrary.

L.2021, c.184, s.11.