New Jersey § 18a:24-1

§ 18a:24-1.

In this chapter unless the context otherwise indicates: a. “ Average equalized valuation of taxable property ” in a district comprising one municipality means the amount stated in the supplemental

debt statement required to be filed prior to the authorization of the bonds of the

district, as the average of the last three 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, and in a district

comprising more than one municipality means the sum of all such amounts so stated

in the supplemental debt statements so required to be filed; b. “ Borrowing margin ” of a municipality means the excess, if any, of 3 1 / 2 % of the amount stated in the supplemental debt statement required by this article

to be filed prior to authorization of bonds of a district, as the average of the last

three preceding equalized valuations of the taxable real estate (together with improvements)

of the municipality, over the net debt of the municipality as stated in such supplemental

debt statement after adjustment of such net debt so as to disregard the proposed authorization

of bonds of the district; c. “District or school district” means a local district, a district composed of two

or more municipalities or a regional district and also, in the case of any district

other than a type I district, when required by the context, the board of education

of such district; d. “ Equalized valuation ” of a municipality means the sum total of (1) The aggregate equalized valuation of real property (together with improvements)

as certified in the table of equalized valuations by the director of the division

of taxation in the department of the treasury, on October 1 of each year, pursuant

to chapter 86 of the laws of 1954, and (2) The assessed valuation of class II railroad property as set forth in the table

of equalized valuations referred to in (1) above; e. “ Net debt ” of a municipality means the amount stated in the supplemental debt statement required

by this article to be filed prior to the authorization of bonds of a district as the

net debt of the municipality; f. “Net school debt” of a municipality or of a district means the amount of school

bonds, for the payment of the principal and interest of which, such municipality or

district is liable less the amount of any sinking fund held for the payment of same; g. “ School bonds ” means promissory notes and bonds authorized for school purposes, whether issued

or unissued, for the payment of the principal and interest of which, a municipality

or district is liable; and h. “ Supplemental debt statement ” means the statement of the debt condition of a municipality provided for in section

40A:2-42 of the local bond law ( N.J.S. 40A:2-1 et seq. ), and prepared, made and filed as in said law directed.