18A:24-16 Supplemental debt statements; necessity for and contents.
110 words·~1 min read·
/nj/title-18a/chapter-24/18a-24-16A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No school bonds or refunding bonds shall be authorized unless there shall be prepared and filed in accordance with section 18A:24-17 a supplemental debt statement in the form provided by law, setting forth the amounts of all bonds and notes of the district issued and outstanding, or authorized but not issued, and determining the net school debt of the district and giving effect to the proposed authorization of school bonds. With respect to refunding bonds, the supplemental debt statement shall reflect either new and unissued debt or the amount of the refunding debt in excess of the debt to be refunded.
L.1967, c.271; amended 1978, c.71, s.1; 2003, c.264, s.1.