There is a newer version of the New Jersey Revised Statutes
2009 New Jersey Code
TITLE 18A - EDUCATION
Section 18A:22
18A:22-25 - Borrowing against appropriation on notes
18A:22-25. Borrowing against appropriation on notesThe board of education may, after July 1 and before January 1, borrow a sum not exceeding one half of the amount appropriated for the current expenses of the schools and for the repair of schoolhouses under its control, and execute and deliver promissory notes therefor, and pay the amount so borrowed together with interest thereon, at a rate not exceeding 6% per annum.
L.1967, c.271.
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