New Jersey § 18a:24-61

§ 18a:24-61.

Notwithstanding the provisions of any other law or any debt limitation or requirement

for down payment or for referendum or other action by legal voters, refunding bonds

may be authorized and issued for the purpose of paying, funding or refunding: any

refunded bonds; the cost of retiring the present value of the unfunded accrued liability

due and owing by a board of education, as calculated by the system actuary for a date

certain upon the request of a board of education, for early retirement incentive benefits

granted by the board of education pursuant to P.L.1991, c. 231 , P.L.1993, c. 163 and P.L.2003, c. 129 ; the repayment of a Federal Emergency Management Agency Community Disaster Loan for

which the board of education executed a promissory note in 2013 under the authority

of section 5 of P.L.1951, c. 72 (C.App.A:9-62); the cost of COVID-19 expenditures

incurred for immediate preparation, response, recovery, and restoration of public

services, for a period not to exceed five years; and the cost or expense of issuing refunding bonds including printing, advertising,

accounting, financial, legal or other expense in connection therewith. Obligations to be paid, funded or refunded with respect to which an ordinance authorizing

the issuance of refunding bonds has been adopted pursuant to this act and not otherwise

deductible shall be excluded in calculating the net school debt of a municipality

or a district. Refunding bonds shall be authorized (a) in the case of any county or municipality

by a refunding bond ordinance enacted in the manner or mode of procedure provided

for adoption of a refunding bond ordinance pursuant to the Local Bond Law, constituting

chapter 2 of Title 40A, Municipalities and Counties, of the New Jersey Statutes, 1 and (b) in the case of a Type II school district by an ordinance (herein called the

“refunding bond ordinance”) adopted by the board of education of such school district

as provided in this chapter. As used in this section, “ COVID-19 ” means the coronavirus disease 2019, as announced by the World Health Organization

on February 11, 2020, and first identified in Wuhan, China. 1

N.J.S.A. § 40A:2-1 et seq.