New Jersey § 18a:13-27

§ 18a:13-27.

Whenever the boards of education of all local school districts proposing to create

a regional district shall determine by identical resolutions that it is desirable,

as part of the proposal to create such regional district, to issue promissory notes

or temporary loan bonds of the regional district, in a principal amount not exceeding

such amount as shall be stated in said resolutions, to mature not later than one year,

from the date of the issuance of the first of such notes or bonds, in order to provide

for the current expenses of the proposed regional district to be incurred until appropriations

for the operation of the regional district will be available and the commissioner

shall certify in writing that said principal amount does not exceed the amount which

reasonably may be expected to be necessary for such expenses, each of said boards

of education may, at the election called and conducted to act upon the proposal for

the creation of the regional district, submit as part of such proposal the authorization

and approval of the issuance of said notes or bonds briefly describing the contents

of the resolution authorizing the issuance of the same and stating the date upon which

it was adopted by the boards of education in question. If such proposal is adopted any such note or bond so authorized may be issued and

may be renewed in like form, without further certification or submission to the voters,

to mature not later than two years from the date of the first of the notes or bonds

so renewed, but no school debt statement need be prepared or filed prior to the authorization

of such bonds.