New Jersey § 18a:7g-31
Full text of New Jersey New Jersey Statutes § 18a:7g-31, with citation guidance and answers to common questions.
§ 18a:7g-31.
a. Notwithstanding any provision of this act or any other law or regulation to the
contrary, a board of education or a board of school estimate, as appropriate, may,
through the adoption of a board resolution, establish a capital reserve account. The account shall be established and held in accordance with GAAP and shall be subject
to annual audit. The funds in the capital reserve account shall be used to finance the district's
long-range facilities plan required pursuant to subsection a. of section 4 of P.L.2000, c. 72 ( C.18A:7G-4 ) and the amount in the account shall not exceed the total amount of local funds required
to implement the plan. b. A board of education or a board of school estimate, as appropriate, may appropriate
funds in the district's annual budget for the establishment of the capital reserve
account pursuant to subsection a. of this section or to supplement the funds in the
account as required to meet the needs of the long-range facilities plan. c. A board of education may, by resolution of the board: transfer funds from the
capital reserve account to the appropriate line item account for the funding of capital
projects as contained in the district's long-range facilities plan; and transfer
funds from the capital reserve account to the debt service account for the purpose
of offsetting principal and interest payments for bonded projects which are included
in the district's long-range facilities plan. d. A board of education may, by resolution of the board: transfer funds from the
capital reserve account to the appropriate line item account for the funding of capital
projects subject to a public-private partnership agreement entered into pursuant to
section 2 of P.L.2018, c. 90 ( C.18A:18A-60 ) and transfer funds from the capital reserve account to the debt service account
for the purpose of offsetting principal and interest payments for bonded projects
subject to a public-private partnership agreement entered into pursuant to section
2 of P.L.2018, c. 90 ( C.18A:18A-60 ).
Frequently Asked Questions About New Jersey § 18a:7g-31
What does New Jersey Statutes § 18a:7g-31 cover?
Section 18a:7g-31 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:7g-31?
A common citation format is "New Jersey Statutes § 18a:7g-31" (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:7g-31 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.