New Jersey § 18a:24-61

§ 18a:24-61.

A supplemental debt statement shall be prepared and filed with respect to a Type II

school district, in accordance with N.J.S.18A:24-17 , that reflects either new and unissued debt or the amount of the refunding debt in

excess of the debt to be refunded prior to the adoption of a bond ordinance by the

board of education of a Type II school district. Thereafter a refunding bond ordinance may be enacted by the board of education of any Type II

school district after the approval thereof by resolution of such board of education,

and by subsequent adoption thereof after advertised public hearing, notice of which

shall be given by publication of such proposed refunding bond ordinance and notice

of hearing once at least 7 days prior to date of such hearing, in a newspaper circulating

in the school district. Following the holding of such public hearing, at which all interested persons shall

be given an opportunity to be heard, such refunding bond ordinance may thereupon be

adopted by the recorded affirmative vote of 2 / 3 of the full membership of such board of education or at such other time and place

to which such hearing or further consideration thereof shall have been adjourned. The refunding bond ordinance in the case of a Type II school district shall contain

in substance: (a) an authorization of the issuance of the refunding bonds, stating

in brief and general terms sufficient for reasonable identification the refunded bonds

to be funded or refunded, and the amount of the cost of issuing the refunding bonds

which is included in the authorized principal amount of the refunding bonds; (b)

the principal amount of refunding bonds authorized; and (c) in either the refunding

bond ordinance or a resolution adopted prior to the issuance of the refunding bonds

such further provisions as the Local Finance Board in the Department of Community

Affairs of the State of New Jersey may require or approve as to deposit, securing,

regulation, investment, reinvestment, disposition or application of the proceeds of

such refunding bonds, and matters in connection therewith, including the officer or

officers of the school district to be responsible therefor, and amortization or other

provision for premiums or other losses incurred. Such refunding bond ordinance or resolution may also contain provisions, which shall

be a part of the contract with the holders of the refunding bonds, as to the establishment

of, and the making of appropriations for, reserves or sinking funds and the amount,

source, securing, regulation and disposition thereof. Any matter relating to refunding bonds and not required to be contained in the refunding

bond ordinance may be performed or determined by subsequent resolution of the board

of education, or the performance or determination thereof delegated by resolution

to a financial officer of the school district.