New Jersey § 18a:24-61

§ 18a:24-61.

a. A certified copy of any refunding bond ordinance shall be filed with the Director

of the Division of Local Government Services in the Department of Community Affairs before adoption, together with a complete

statement in form prescribed by the director and signed by the chief financial officer

of the school district as to the outstanding bonds to be funded or refunded by issuance

of the refunding bonds. Except as provided in subsection b. of this section no refunding bond ordinance or any resolution performing, determining or authorizing

matters or acts in connection with refunding bonds shall take effect until the consent

of the local finance board shall have been endorsed upon a certified copy thereof

as adopted. Any certification or endorsement of consent made by the local finance board or by

a majority of the members thereof or by the secretary thereof pursuant to its direction

as to any issue of refunding bonds shall, after the issuance of such refunding bonds

in reliance thereon, be conclusive as to its validity or regularity and shall not

be contested in any action or proceeding relating to such refunding bonds instituted

after the issuance of such bonds. The county, municipality or school district may enter into any contracts or agreements

to implement the refunding program, including agreements with banking institutions

with respect to the application of moneys deposited in a sinking fund for the payment

of the refunding bonds at their maturity date to the purchase of obligations of the

United States Government or obligations the principal of and interest on which are

guaranteed by the United States Government or obligations of any agency or instrumentality

of the United States Government without regard to any limitations as to the investment

or deposit of moneys. b. Refunding bonds to realize total debt service savings on outstanding obligations

may be issued without the approval of the Local Finance Board in the Department of

Community Affairs when authorized by conditions set forth in rules and regulations

of the Local Finance Board and upon a resolution adopted by 2 / 3 vote of the full membership of the board of education of the district.