App.A:4-55. School refunding bonds; form and details

347 words·~2 min read·/nj/title-app-a/chapter-4/app-a-4-55

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The board of education of any school district which is governed by article VII of the act to which this act is a supplement shall have power, by resolution adopted by vote of two-thirds of the members of said board at any time on or before July first, one thousand nine hundred and thirty-eight, to issue bonds for the purpose of funding or refunding any notes or bonds due or to become due together with any interest due or accrued thereon. When provided in the resolution authorizing the issuance of such bonds, the cost of issuing such bonds, including printing, advertising, accounting, financial and legal expenses may be included in such bond issue.

Such bonds shall bear interest at a rate not exceeding six per cent (6%) per annum and shall be payable in such annual or semiannual installments as may be necessary to relieve the tax burden in the district. Provision for the payment of such bonds shall be made, and, unless such bonds are exchanged for notes or bonds to be funded or refunded thereby pursuant to section two hereof, such bonds shall be sold and delivered, in accordance with the requirements of the act to which this act is a supplement, except that the first annual installment may be made payable three years from the date of issue of such funding or refunding bonds.

Such bonds shall be substantially in form as prescribed by the act to which this act is a supplement. The powers granted by this act shall not be affected or restricted by any limitation of indebtedness imposed by any act heretofore or hereafter enacted and shall not be affected by the invalidity of or irregularity in any proceedings for the issuance of the notes or bonds to be funded or refunded under this act, but shall be exercised by the board of education only when necessary to relieve the tax burden in the district, which determination shall be made by the board of education in the resolution authorizing bonds under this act.

(L.1934, c. 185, s. 1, p. 452.)