New Jersey § 18a:58-33

§ 18a:58-33.

(a) A copy of the resolution of the State Board of Education referred to in section

4(a) and a copy of the proposal or ordinance referred to in section 4(b), 1 bearing the endorsement of the Commissioner of Education as aforesaid, shall be submitted

to the Local Finance Board in the Division of Local Finance for its consideration,

and the Local Finance Board in considering such copy of proposal or ordinance submitted

to it and before endorsing its consent thereon may require the board of education

of any school district or the governing body of any municipality in such school district

to adopt resolutions restricting or limiting any future proceedings therein or other

matters or things deemed by the Local Finance Board to affect any estimate made or

to be made by it in accordance with subsection (b) hereof, and every such resolution

so adopted shall constitute a valid and binding obligation of such school district

or municipality, as the case may be, running to and enforceable by, and releasable

by, the Local Finance Board. (b) Within 60 days after such submission to it, the Local Finance Board shall cause

its consent to be endorsed upon such copy of any proposal or ordinance authorizing

such bonds, if it shall be satisfied, and shall record by resolution, its estimates

that the amounts to be expended for the education facilities to be financed pursuant

to such proposal or ordinance are not unreasonable or exorbitant, and that issuance

of the bonds, to be authorized by such proposal or ordinance, will not materially

impair the credit of any municipality comprised within the district or substantially

reduce its ability, during the ensuing 10 years, to pay punctually the principal and

interest of its debts and supply essential public improvements and services, but if

the Local Finance Board is not so satisfied it shall cause its disapproval to be endorsed

on such copy within said period of 60 days. 1

N.J.S.A. § 18A:58-33.9.