New Jersey § 18a:24-24

§ 18a:24-24.

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.