Henderson v. Camden County Municipal Utility Authority

The opinion of the Court was delivered by

ZAZZALI, J.

This 'appeal requires us to determine whether Section 41 of the Municipal and County Utilities Authority Law, N.J.S.A. 40:14B-1 to -70 (MCUAL), authorizes municipal and county utilities authorities to charge compound interest on delinquent customer accounts. We conclude that N.J.S.A. 40:14B-41 authorizes only simple interest. Because this appeal presents a matter of first impression and retroactive application could lead to substantial inequitable results, we also conclude that our decision applies prospectively.

I

Pursuant to the MCUAL,…