New Jersey § 18a:46-42

§ 18a:46-42.

Whenever a board of education of a county special services school district shall decide

that it is necessary to sell bonds to raise money for the purchase of lands or buildings for school purposes or for

erecting, enlarging, improving, repairing, or furnishing a building or buildings for

the use of the school district, it shall prepare and deliver to each member of the

board of school estimate a statement of the amount of money estimated to be necessary

for such purpose or purposes. The board of school estimate shall fix and determine the necessary amount and shall

make two certificates thereof, one of which certificates shall be delivered to the

board of education and the other to the board of chosen freeholders of the county. The board of chosen freeholders may appropriate and borrow such amount for the purpose

or purposes aforesaid by issuance of bonds or notes of the county pursuant to the

Local Bond Law, 1 notwithstanding any debt or limitation or requirement for down payment therein provided

for. The proceeds of the sale of such obligations shall be paid to the treasurer of the

county special services school district and shall be paid out by him only on the warrants

or orders of the board of education of the county special services school district. The treasurer shall in no event disburse such proceeds, except to pay the expense

of issuing and selling such obligations and for the purpose or purposes for which

such obligations were issued. If for any reason any part of such proceeds are not applied to or necessary for

such purpose or purposes, the board of education of the county special services school

district may transfer the balance remaining unapplied to the general fund of the school district. 1

N.J.S.A. § 40A:2-1 et seq.