New Jersey § 18a:56-20

§ 18a:56-20.

a. Bonds issued for school purposes by counties, municipalities or school districts

subsequent to the effective date of P.L.1980, c. 72 ( C.18A:56-17 et seq. ) and prior to the effective date of P.L.2003, c.118 , shall bear the following legend: “Payment of this obligation is secured under the

provisions of the ‘New Jersey School Bond Reserve Act’ in accordance with which an

amount equal to 1 1 / 2 % of the aggregate outstanding bonded indebtedness (but not to exceed the moneys

available in the fund), of New Jersey counties, municipalities and school districts

for school purposes as of September 15 of each year, is held within the State Fund

for the Support of Free Public Schools as a school bond reserve pledged by law to

secure payments of principal and interest due on such bonds in the event of the inability

of the issuer to make payment.” b. Bonds issued for school purposes by counties, municipalities or school districts

on and after the effective date of P.L.2003, c.118 , shall bear the following legend: “Payment of this obligation is secured under the

provisions of the ‘New Jersey School Bond Reserve Act’ in accordance with which an

amount equal to 1% of the aggregate outstanding bonded indebtedness (but not to exceed

the moneys available in the fund), of New Jersey counties, municipalities and school

districts for school purposes as of September 15 of each year, is held within the

State Fund for the Support of Free Public Schools as a school bond reserve pledged

by law to secure payments of principal and interest due on such bonds in the event

of the inability of the issuer to make payment.”