New Jersey § 18a:24-3
Full text of New Jersey New Jersey Statutes § 18a:24-3, with citation guidance and answers to common questions.
§ 18a:24-3.
Whenever an issue of bonds has been authorized pursuant to this chapter, the governing
body of a municipality comprising a Type I school district, or the board of education
of a Type II school district, may, in anticipation of the issuance of permanent bonds,
by resolution, authorize the issuance of temporary notes or loan bonds of the municipality
or district, as the case may be, as money is required by the board of education of
the district for the projects for which the permanent bonds are authorized, in such
principal sums (not exceeding in the aggregate the total principal amount of the permanent
bonds), at such rates of interest and having such maturities (not exceeding 1 year
and renewable, for not more than 1 year periods each, from time to time for not exceeding
5 years from the date of the original temporary notes or loan bonds; provided, however,
that no such notes or temporary loan bonds shall be renewed beyond the third anniversary
date of the originals unless an amount of such notes or temporary loan bonds equal
to the first legally payable installment of the bonds in anticipation of which said
temporary obligations were issued is paid and retired in each year subsequent to said
third anniversary date from funds other than the proceeds of obligations) and upon
such other terms and conditions as shall be fixed in the respective resolutions authorizing
the issuance of such temporary notes or loan bonds, in which resolutions may be set
forth any other matters relating to the issuance thereof which may be requisite.
Frequently Asked Questions About New Jersey § 18a:24-3
What does New Jersey Statutes § 18a:24-3 cover?
Section 18a:24-3 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 18a:24-3?
A common citation format is "New Jersey Statutes § 18a:24-3" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 18a:24-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.