New Jersey § 18a:13-50

§ 18a:13-50.

Upon the dissolution of any local district the officer having custody of the funds

of such district shall deliver all of the funds of the dissolved district in his possession

to the secretary of the successor regional district who shall give his receipt therefor

and shall , in a district which has a treasurer of school moneys, immediately turn the same over to the treasurer of school moneys of the regional district. All personal property, books, papers, vouchers and other documents belonging to any

district, being dissolved, shall be transferred to the secretary of said regional

district who shall cause a complete inventory to be made on all assets, real and personal,

received by the regional school district. Upon and after the date of dissolution of the district all proceeds of taxes of

any nature raised or to be levied for use or benefit of each dissolving school district

and rights and claims with respect thereto, and all the property, funds, moneys and

assets of each dissolving district shall vest in the regional district and the regional

district shall be subject to all the contracts, debts and other obligations of each

dissolving district. Upon said date all bonds and notes, of each dissolving district, theretofore issued

and outstanding and all bonds and notes theretofore issued and outstanding of any

municipality constituting or comprised within any dissolving district which were issued

for the purpose of acquiring property which is vesting on said date in the regional

district shall be and shall constitute obligations of and payable as to both principal

and interest by the regional district, and, unless otherwise required or provided

for by law, in the same manner and to the same extent as if such bonds and notes had

been issued by the board of the regional district. The regional board shall cause an audit and settlement of all accounts of officers

of the former district or districts to be made forthwith. The official bonds of such officers shall be continued in full force and effect

until the completion of such audit and satisfactory financial settlement of said accounts

shall have been made.