New Jersey § 18a:24-79
Full text of New Jersey New Jersey Statutes § 18a:24-79, with citation guidance and answers to common questions.
§ 18a:24-79.
For the purposes of calculating or stating local debt or school debt, or for any debt
statement or supplemental debt statement, or for the application of any limitation
on the issuance of bonds by a board of education or municipality, or any other similar
purpose under any applicable law now or hereafter enacted, the net debt of any board
of education on bonds issued hereunder shall be the aggregate amount of the principal
and accrued interest of issued and outstanding bonds, less the amount of the reserve
funds and sinking funds held pursuant to this act and the earnings thereof, as of
the date of the calculation. At the option of the issuing board, the calculation of net debt may be made in the
same manner as provided in section 8 of this act, 1 except that accrued interest shall be included in the calculation. No municipal guaranty of any bonds issued hereunder shall be taken into account
in determining its bonded indebtedness or in calculating any debt limit or for any
other purpose stated in this section in respect to such municipality, unless the municipality
shall have been called upon to perform its guaranty, and then only to the extent of
such call and to the extent that the same has not been satisfied. However, the existence of the guaranty shall be disclosed in any case. 1
N.J.S.A. § 18A:24-73.
Frequently Asked Questions About New Jersey § 18a:24-79
What does New Jersey Statutes § 18a:24-79 cover?
Section 18a:24-79 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:24-79?
A common citation format is "New Jersey Statutes § 18a:24-79" (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:24-79 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.