NOW, THEREFORE, BE IT ORDAINED by the Mayor and Council of the Borough of New Providence, County of Union, State of New Jersey that pursuant to New Jersey statute, all business owners and rental unit owners shall register a certificate of insurance as required by statute in the office of the Borough Clerk on an annual basis, which office shall maintain a registry of certificates of insurance filed with it, and each registration shall be accompanied by payment of $25.00 as an administrative fee for such registration payable to the Borough of New Providence. The Ordinance shall become effective immediately after publication in accordance with New Jersey law