52:27-55. Tax to pay notes and bonds; reserve or sinking fund
92 words·~1 min read·
/nj/title-52/chapter-27/52-27-55A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any school district which shall have issued any notes or bonds pursuant to this article shall have the power to raise by a district tax any sum or sums for the purpose of providing for the payment of the interest thereon and the principal thereof and for the setting aside of necessary reserve or sinking funds therefor. The full faith and credit of such school district shall be deemed to have been pledged for the punctual payment of interest on and principal of all notes and bonds issued pursuant to this article.