New Jersey § 18a:24-48

§ 18a:24-48.

If the board of education of any school district having a board of school estimate

shall determine, by resolution, that all or any part of the proceeds of bonds issued

for school purposes of the district are not necessary for the purpose or purposes

for which the bonds were issued and that such proceeds are required for any other

purpose or purposes for which bonds could be issued pursuant to this chapter, it shall

prepare and deliver to each member of the board of school estimate of the district

a statement of such other purpose or purposes out of the amount of such proceeds estimated

to be necessary for such other purpose or purposes, itemizing the same so as to make

it readily understandable. No such statement shall be delivered to the members of, or be acted upon by, the

board of school estimate of a type II district unless the proceeds of said bonds have

been on hand not less than one year and not more than six years after the time of

issuance or sale of such bonds, nor shall such a statement be so delivered if any

of such bonds mature beyond the periods prescribed by section 18A:24-5 with respect to such other purpose or purposes (computed from the date of the submission

of such certificate) unless prior thereto the commissioner shall endorse upon a certified

copy thereof his consent to the issuance of such statement, based upon his written

estimate made pursuant to the provisions of section 18A:24-52 .