N.J. Stat. § 40:62-45: Lease of system; term; referendum

The governing body may lease any system of transportation acquired by the municipality under this article to any person who will contract to operate the same according to rules and timetables established by the governing body for a term not exceeding five years, but no such contract shall be made until a majority of the legal voters of the municipality shall vote so to do. The question of the making of any such lease shall be submitted to the voters in the manner provided in sections 40:62-36 to 40:62-39 of this title.