N.J. Stat. § 40:62-35
Any municipality may engage in the business of transportation of passengers and property within the municipality by whatever means it may decide, and may lay railroad tracks upon its public roads, streets and highways and upon such private property as may be necessary therefor, and may acquire such cars, motor busses, and other equipment necessary for carrying on the business. It may acquire land and erect buildings and equip them with all necessary machinery for furnishing power for the operation of any cars or other vehicles, and for the storage thereof. It may also erect and maintain poles and string wires for the transmission of electric current for power on any and all said roads, streets and highways and do all things necessary for the acquisition and conduct of the business of transportation.
N.J.S. § 40:62-35