App.A:4-57. Certification by funding commission; validity of bonds

233 words·~1 min read·/nj/title-app-a/chapter-4/app-a-4-57

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

3. No resolution authorizing bonds under this act shall be passed until a commission, composed of the attorney general, the state commissioner of finance, the state tax commissioner, and the commissioner of education, which commission is hereby created and shall be known as "the funding commission for school purposes" , or a majority thereof, shall have certified on a copy of such resolution that the resolution authorizes a funding or refunding of indebtedness necessary to relieve the tax burden in the district within the provisions of this act.

Such certification may be made by the secretary of said commission pursuant to its direction and on its behalf or by the indorsement of any three members of the commission. After the issuance of bonds under such resolution, such certification whether signed by the commissioners or the secretary of the commission shall be conclusive as to such necessity and compliance with this act in any suit, action, or proceeding relating to the validity of any bonds issued pursuant to such resolution.

Each member of the commission may from time to time designate an assistant to exercise his duties under this act. The commission shall have power to designate or employ a secretary, and copies of all resolutions requiring the consideration of the commission shall be filed in the office of such secretary. The commissioners shall serve without salary.

(L.1934, c. 185, s. 3, p. 453.)