Title 18A, Title 18A: EDUCATION

18A:24-53. Approval by voters If at such election the question shall be adopted by the legal voters of the district, such proceeds may be used for such other purpose or purposes. L.1967, c.271.

18A:24-54. Transfer of remaining unapplied balance 18A:24-54. If all or any part of the proceeds of any bonds authorized and issued under this chapter for any school district are not applied to or necessary for the purpose or purposes for which the bonds were issued or for any ot…

18A:24-55. Contracts made before issuance of bonds 18A:24-55. After school bonds have been authorized in accordance with this chapter, the board of education may, within the amount and for the purposes of such authorization, make contracts notwithstanding that the moneys to be ra…

18A:24-56. Lien of bonds of type II district Obligations of a type II school district, issued pursuant to this chapter, shall be a lien upon the real estate situate in the district, the personal estates of the inhabitants of the district and the property of the district, and such…

18A:24-57. Payment of interest and principal from taxes The amount of interest upon any obligation issued for school purposes, and of any part of the principal thereof not provided to be paid in any other manner, falling due in any one year shall be: 1. Certified to the governing…

18A:24-58. Borrowing to pay principal and interest If funds are not available to pay the principal or interest falling due on any obligation of a type II district, in full or in part, for the reason that no such certified statement or an incorrect statement was transmitted to the…

18A:24-59 Disposition of funds for payment of principal and interest on obligations. 18A:24-59. All moneys received for payment of principal and interest of obligations of a type II school district payable in any year shall be paid to the secretary or treasurer of school moneys o…

18A:24-6. Bonds payable in installments All bonds issued under this chapter shall be payable in annual installments commencing not more than two years from their date, and no installment shall be more than 100% in excess of the amount of the smallest prior installment. L.1967, c.…

18A:24-60. Cancellation and disposition of paid obligations On the taking up or payment of outstanding obligations of a Type II district the board of education of the district shall cancel the same and hold them for inspection by the public school accountant. After such inspectio…

18A:24-61. Renewal or refunding of obligations prohibited; exceptions No obligations issued after July 1, 1917 for school purposes shall be renewed or refunded, except such as are authorized by law to be renewed or refunded and except temporary loan bonds issued or to be issued i…

18A:24-61.1. Funding or refunding bonds at or prior to maturity Any bonds heretofore or hereafter issued (a) by any county to meet or finance any county college appropriation or purpose or any county vocational school appropriation or purpose, or (b) by any municipality to meet o…

18A:24-61.10. Sinking fund or reserve fund moneys; payment or retirement of refunded bonds or deposit in trust Moneys or investments in any sinking fund or reserve fund of the school district established or held for any refunded bonds to be paid, funded or refunded by issuance of…

18A:24-61.11. Refunding bonds for refunding bonds due over five year period; investments If the local finance board shall find that a special refunding program is in the public interest and is based upon a sound financial plan for equalizing or reducing the debt service of a scho…

18A:24-61.12. Powers under this Act and validity of refunding bonds not affected by laws or proceedings The power to authorize and issue refunding bonds pursuant to this chapter and the validity of such refunding bonds so issued shall not be affected by or be dependent in any way…

18A:24-61.2 Purpose for which refunding bonds may be authorized; exclusions from net school debt. 2. Notwithstanding the provisions of any other law or any debt limitation or requirement for down payment or for referendum or other action by legal voters, refunding bonds may be au…

18A:24-61.3. Refunding bond ordinance; manner of sale and issuance A refunding bond ordinance of any county or municipality shall become effective and refunding bonds shall be sold or issued in the manner provided in sections 40A:2-52 to 40A:2-60, both inclusive, of said Local Bo…

18A:24-61.4 Supplemental debt statement, adoption of refunding bond ordinance; provisions. 4. A supplemental debt statement shall be prepared and filed with respect to a Type II school district, in accordance with N.J.S.18A:24-17, that reflects either new and unissued debt or the…

18A:24-61.5 Certified copy of refunding bond ordinance; filing. 5. a. A certified copy of any refunding bond ordinance shall be filed with the Director of the Division of Local Government Services in the Department of Community Affairs before adoption, together with a complete st…

18A:24-61.6. Powers and duties of local finance board The local finance board may examine into any estimates, computations or calculations made in connection with any issue of refunding bonds, may require the production of any papers, documents, witnesses or information, may make…

18A:24-61.7. Consent by board; considerations; statement of reasons for refusal In considering any refunding bond ordinance presented to it for its consent, the local finance board shall have regard to the probable capacity of the school district to pay at maturity the refunding …

18A:24-61.8. Title; dates; interest; denomination; payment; redemption Refunding bonds may be issued in one or more series and shall contain the word "refunding" in their title and shall recite that they are issued pursuant to this chapter and shall bear such date or dates, matur…

18A:24-61.9. Sale or exchange of refunding bonds Refunding bonds may be sold at public or private sale, or may be exchanged for any outstanding bonds to be funded or refunded, pursuant to resolution adopted by not less than 2/3 of the full membership of the board of education, at…

18A:24-62 R.S. 18:7-84 Notes for certain purposes; bonds to redeem notes. Whenever the board of education of a school district has heretofore issued and sold or shall hereafter issue and sell a note or notes for the purpose of purchasing land, the erection of a schoolhouse, the p…

18A:24-63. Bonds authorized prior to change in method of government of school district If any municipality, while within or comprising a type I school district, shall have, by ordinance, authorized the issuance of school bonds of said municipality in accordance with this title an…

18A:24-64. Issuance of bonds authorized prior to effective date of this title Any school bonds, the proceedings for the authorization of which, by the introduction of an ordinance in the governing body of the municipality or of a resolution in the board of education of the distri…

18A:24-65. Expiration date for contesting validity of proceeding, election 18A:24-65. No action to contest the validity of any proceeding or election authorizing the issuance of any bonds, held in connection with any such authorization, or the application of the proceeds of any s…

18A:24-66. Authorization Any board of education of this State, upon complying with the provisions of this act, shall be authorized, for any purpose for which it is permitted by law to issue any bonds, to issue some part or all of the same in the form, type and manner provided for…

18A:24-67. Application for authorization; grant of authorization; certificate; publication of notice of certificate; conclusiveness of validity of bonds Any board of education desiring to issue bonds under this act shall file application for authorization to do so with the Divisi…

18A:24-68. Purpose of act It is the purpose of this act to stabilize the values of school bonds issued hereunder, and to provide means for reducing administrative costs by a sufficient degree to permit purchase thereof by the public in small denominations, in order to make it fea…

18A:24-69. Contracts with financial institutions as agents; terms of advance subscription The issuing board may enter into contracts and agreements with any financial institution or institutions to serve as agent of the board of education through whom the public may subscribe to,…

18A:24-7. Change of maturities; application to local finance board If the governing body of any municipality comprising a type I school district or the board of education of a type II school district shall determine that the limits of maturities or amounts of annual installments,…

18A:24-70. Bond resolution; provisions Bonds issued pursuant to this act shall be authorized by a bond resolution adopted by the issuing board, which resolution may be adopted prior to application contingent upon authorization and certification. Such bond resolution may contain p…

18A:24-71. Investment of proceeds; disposition of excess borrowed over authorizations; reserve for payment of bonds Because the amounts actually borrowed on bonds issued pursuant to this act, together with amounts borrowed on bonds issued under other laws, may from time to time e…

18A:24-72. Maturity date The blanket bond of the issuing board provided for in section 5b of this act shall be for a due date not in excess of that which would provide the maximum borrowing period under applicable law for the particular purpose of the borrowing. The bonds issued …

18A:24-73. Annual installment to retire bonds; calculation; school budget item; sinking fund; disposition of excess The issuing board shall annually cause to be made calculations of the average amount of the principal of bonds issued and outstanding under this act and of the aver…

18A:24-74. Temporary borrowings to meet redemptions Because the amounts of redemptions from time to time may be such as to deplete the reserve fund provided for in section 6, the issuing board is authorized to make temporary borrowings from any available source, to provide funds …

18A:24-75. Municipal ordinance for guaranty; authorization Every municipality within or part of the school district of the issuing board is hereby authorized to adopt an ordinance containing a guaranty of bonds issued under this act. L.1971, c. 36, s. 10, eff. March 4, 1971.

18A:24-76. Modification or revocation of right or interest of bondholder No bond resolution, no municipal ordinance for guaranty, and no contract, agreement, arrangement or other act of the issuing board, of any municipality or of any governmental office, officer or agency shall …

18A:24-77. Grounds for grant of authorization The authorization provided for in section 2 of this act shall be granted in any case in which it shall appear to the Division of Local Finance that the issuing board is reasonably likely to be able to sell a sufficient number of bonds…

18A:24-78. Application to issue of other bonds No authorization to issue bonds pursuant to this act shall in any way preclude the issuing board from issuing other bonds under any other applicable law, at any time and from time to time, during the period for which bonds might have…

18A:24-79. Net debt of board of education; calculation; net debt of municipality For the purposes of calculating or stating local debt or school debt, or for any debt statement or supplemental debt statement, or for the application of any limitation on the issuance of bonds by a …

18A:24-8. Change of maturities; approval or disapproval by local finance board If the local finance board, after consultation with the commissioner, shall be satisfied and shall find by resolution that the issuance of bonds described in such application at the maturities prescrib…

18A:24-80. Exemption from taxation Any and all bonds issued pursuant to this act shall be conclusively deemed to be governmental obligations for governmental and public purposes, and the same, together with any interest thereon, shall be forever exempt from any and every tax and …

18A:24-81. Payroll deductions for purchase of bonds Every employer, public or private, is hereby authorized to accept requests from any employee to make payroll deductions to be applied by the employer from time to time, as sufficient deductions have accrued, to the purchase of b…

18A:24-82. Legal investment for fiduciaries or other representative Every fiduciary or other representative is hereby authorized to make investments in bonds authorized to be issued hereunder, which shall be legal investments unless expressly prohibited by the instrument from whi…

18A:24-83. Bonds as gift to minor or for purchase for beneficiary Bonds authorized to be issued under this act may be made the subject of gifts under the Gifts to Minors Act or other similar law, and may be purchased for the benefit of any minor or other beneficiary under any wil…