New Jersey § 18a:24-69

§ 18a:24-69.

The issuing board may enter into contracts and agreements with any financial institution

or institutions to serve as agent of the board of education through whom the public

may subscribe to, purchase and redeem bonds, or for temporary borrowings when appropriate

to meet redemptions pending reissue of additional bonds, and for such other purposes

and services appropriate to the achievement of the object of this act and the management

of the issue. Such contracts and agreements, if entered into prior to the granting of authorization

to issue bonds under this act, shall be deemed to contain a provision that the same

shall not take effect until authorization has been granted and certificate issued,

nor until any changes required by any terms and conditions of the authorization have

been made. Nothing herein, however, shall prevent the making of a contract or agreement for

the receipt of subscriptions and deposits for the purchase of bonds, contingent upon

authorization and certification, so long as the issuing board is not required to make

any payment or other compensation for the service or cost thereof in the event that

the approval is not granted or certificate is not issued. Any such advance subscriptions shall be on a written form expressly stating that

if authorization is not granted or certificate not issued by a date therein specified,

the deposit accompanying the subscription shall be refunded on demand without interest.