Upon approval by the governing body of each municipality, the governing bodies shall jointly apply to the Local Finance Board for approval to consolidate the fire districts pursuant to the consolidation plan. Notice of the impending consolidation, the governing body resolutions authorizing consolidation, and a copy of the consolidation plan shall be submitted to the Local Finance Board, which shall schedule a hearing on the application within 60 days of receipt thereof. The Local Finance Board may require the production of papers, documents, witnesses, or information, and may take any other action it may deem necessary to its review of the submission. The Local Finance Board shall approve the application if it determines the consolidation is an efficient and feasible means of providing and financing the service.
Upon approval of the consolidation plan by the Local Finance Board, or upon the governing body of each municipality adopting the Local Finance Board's conditions to approving the plan, the consolidation plan shall be considered finally adopted, and the assets and debts of the fire districts to be consolidated shall be reapportioned pursuant to the consolidation plan.
The consolidation shall become operative after the next fire district election following the final adoption of the consolidation plan by at least 29 days, during which new commissioners for the consolidated district shall be elected.
N.J.S. § 40A:14-90.1