New Jersey § 18a:24-73
Full text of New Jersey New Jersey Statutes § 18a:24-73, with citation guidance and answers to common questions.
§ 18a:24-73.
The issuing board shall annually cause to be made calculations of the average amount
of the principal of bonds issued and outstanding under this act and of the average
amount of the reserve provided for in section 6, 1 for the 12-month period prior to such calculation. The calculations shall be made not more than 3 months prior to the date for the
publication of the annual school budget. Said budget shall contain provision, as a mandatory item, of an amount equal to
that sum which would be sufficient as a level annual installment to retire in full
the net amount resulting from the subtraction of the average reserve from the average
outstanding principal, at that rate of interest that would be applicable if all bonds
were held to maturity, if such installments were paid over the full term of the blanket
bond. The amount annually required for said item shall be placed in a separate sinking
fund to be invested and reinvested in the same manner as provided in section 6, and
shall be applied only to the satisfaction of bonds outstanding at the maturity of
the last blanket bond. Any excess, remaining after full satisfaction of such bonds, or the making of provisions
therefor, shall be and become general funds available to the issuing board but for
authorized school purposes only. 1
N.J.S.A. § 18A:24-71.
Frequently Asked Questions About New Jersey § 18a:24-73
What does New Jersey Statutes § 18a:24-73 cover?
Section 18a:24-73 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 18a:24-73?
A common citation format is "New Jersey Statutes § 18a:24-73" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 18a:24-73 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.