New Jersey § 18a:36c-16
Full text of New Jersey New Jersey Statutes § 18a:36c-16, with citation guidance and answers to common questions.
§ 18a:36c-16.
In the event the authorization to operate a renaissance school project is terminated
or expires for any reason, and no substitute or replacement owner or operator for
that renaissance school project has been approved by the State prior to the termination
or expiration date, title to the renaissance school project shall revert to the board
of education of the renaissance school district for consideration in an amount calculated
as follows: (1) if the principal of and interest due on any outstanding debt used to finance the
renaissance school project is equal to or greater than the fair market value of the
renaissance school project, as determined by a certified appraiser agreed to by the
renaissance school district and the owner of the renaissance school project, the renaissance
school district shall assume any outstanding debt used to finance the renaissance
school project, and thereafter the renaissance school district shall be legally obligated
for the payment thereof; or (2) if the fair market value of the renaissance school project is greater than the
amount of the principal of and interest due on the outstanding debt used to finance
the renaissance school project, the renaissance school district shall pay to the owner
of the renaissance school project the fair market value of the renaissance school
project, provided that, to the extent that any debt used to finance the renaissance
school project is then outstanding, the owner of the renaissance school project shall
utilize the funds received from the renaissance school district pursuant to this paragraph
to retire the outstanding debt.
Frequently Asked Questions About New Jersey § 18a:36c-16
What does New Jersey Statutes § 18a:36c-16 cover?
Section 18a:36c-16 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:36c-16?
A common citation format is "New Jersey Statutes § 18a:36c-16" (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:36c-16 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.