2009 New Jersey Code
TITLE 18A - EDUCATION
Section 18A:24
18A:24-24 - Form of ordinance, proposition for confirmation of ordinance or  proposal for issuance of bonds under section 18A:24-23

18A:24-24.  Form of ordinance, proposition for confirmation of ordinance or  proposal for issuance of bonds under section 18A:24-23
    Every ordinance, and every proposition confirming an ordinance, and every proposal, authorizing the issuance of bonds under section 18A:24-23, except such a proposal authorizing the issuance of bonds of a regional school district  shall, after stating any other matters or things required by law, disclose the  effect of such ordinance or proposal contained in such resolution on the  borrowing margin of every municipality comprised within the school district,  and such disclosure shall include and state the amount, if any, of such  borrowing margin before final approval of the ordinance or proposal and the  amount of such borrowing margin, if any, which would be used up by final  approval thereof and the amount, if any, of net debt, in excess of the measure  of such borrowing margin, which would result after the final approval of the  ordinance or resolution, and such disclosure shall be sufficient if in  substantially the following form with appropriate figures inserted:

    a.  In the case of an ordinance--

     The authorization of the $        (insert amount of bonds to be issued) bonds provided for by this ordinance uses up all of the $        (insert amount  of borrowing margin before adoption of ordinance), or, in an appropriate case,  increases the existing deficit in the borrowing margin of the          (insert  name of municipality) previously available for other improvements and raises  its net debt to $        (insert amount, after adoption of ordinance, of net  debt of the municipality in excess of 3  1/2 % of the amount stated in the  supplemental debt statement required by this article to be filed prior to the  authorization of the bonds to be issued as the average of the 3 last preceding  equalized valuations of the taxable real estate (together with improvements) of  the municipality, as stated in the annual debt statement of the municipality or  revision thereof last filed) beyond such borrowing margin;

    b.  In the case of a proposition confirming such an ordinance--

     Shall the ordinance of the          (insert name of municipality) adopted on           (insert date of adoption) authorizing the issuance of $ (insert amount of bonds to be issued) bonds for school purposes and using up all of the  $        (insert amount of borrowing margin before adoption of ordinance), or,  in an appropriate case, increasing the existing deficit in the borrowing margin  of the          (insert name of municipality) previously available for other  improvements and raising its net debt to $ (insert amount, after  adoption of ordinance, of net debt of the municipality in excess of 3  1/2  %  of the amount stated in the supplemental debt statement required by this  article to be filed prior to the authorization of the bonds to be issued as the  average of the 3 last preceding equalized valuations of the taxable real estate  (together with improvements) of the municipality, as stated in the annual debt  statement of the municipality or revision thereof last filed) beyond such  borrowing margin, be approved;

    c.  In the case of a proposal contained in a resolution--

     Resolved that the board of education does hereby determine, subject to the approval of the legal voters of the district:

     To * * *;  and

     To issue bonds of the school district for said purpose (or purposes) in the  principal amount of $        (insert amount of bonds to be issued), thus using  up all of the $        (insert amount of borrowing margin before adoption of  resolution), or in an appropriate case, increasing the existing deficit in the  borrowing margin of the          (insert name of municipality) previously  available for other improvements and raising its net debt to $ (insert  amount, after adoption of resolution, of net debt of the municipality in excess  of 3  1/2  % of the amount stated in the supplemental debt statement required  by this article to be filed prior to the authorization of the bonds to be  issued as the average of the 3 last preceding equalized valuations of the  taxable real estate (together with improvements) of the municipality, as stated  in the annual debt statement of the municipality or revision thereof last  filed) beyond such borrowing margin, and (if there be other municipality or  municipalities comprised within such school district) using up all (or, in an  appropriate case, an amount) of the $        (insert amount of borrowing margin  before adoption of resolution), or, in an appropriate case, increasing the  existing deficit in the borrowing margin of the          (insert name of  municipality) previously available for other improvements and (in every case  where all borrowing margin is used) raising its net debt to $        (insert  amount after adoption of proposal, of net debt of the municipality in excess of  3 1/2  % of the amount stated in the supplemental debt statement required by this article to be filed prior to the authorization of the bonds to be issued  as the average of the 3 last preceding equalized valuations of the taxable real  estate (together with improvements) of the municipality, as stated in the  annual debt statement of the municipality or revision thereof last filed)  beyond such borrowing margin, et cetera, et cetera.

L.1967, c.271; amended by L.1968, c. 295, s. 11, eff. Sept. 9, 1968.