Pursuant to N.J.S. A. 40A:20-3(c), this calculation is completed in accordance with generally accepted accounting principles. The Urban Renewal Entity shall have the right to establish a reserve against vacancies, unpaid rentals, and reasonable contingencies in an amount up to 10 percent of the Annual Gross Revenues of the Urban Renewal Entity for the last full fiscal year preceding the year and may retain such part of the excess Net Profits as is necessary to eliminate a deficiency in that reserve, as provided in N.J.S.A. 40A:20-15.
Appears in 2 contracts
Sources: Financial Agreement, Financial Agreement