New Jersey § 52:27-53

§ 52:27-53.

All such notes or bonds shall be sold at not less than par at public sale after notice

setting forth the terms and conditions of sale, published in such newspaper circulating

in the school district, and in such financial newspaper, as shall be designated by

any such resolution, except in the following cases: a. If no bids are received at such public sale, or if all bids are rejected, any notes

or bonds or part thereof may with the written assent of the commission be sold without

further notice at private sale at any time within six months. b. With the approval in writing of the commission, any notes or bonds or part thereof

may be exchanged for any notes or bonds, including interest thereon, of the school

district issued under this or any other law. The rate of interest borne by any such notes or bonds may be higher or lower than

the rate of interest borne by the notes or bonds surrendered. c. With the approval in writing of the commission, any notes or bonds may be issued

directly to any creditor of the school district in absolute and unconditional payment

of the indebtedness and interest thereon of such school district to such creditor,

provided that notes or bonds shall not be so issued unless and until the amount due

such creditor has been determined by the board of education and by the commission,

nor unless and until the school district receives from such creditor a release running

to the school district and if such creditor is a party plaintiff in any suit, action

or proceeding pending against the school district relative to such indebtedness, a

stipulation of dismissal of such suit, action or proceeding. Such release and such stipulation shall be approved as to form by counsel to the

school district and by counsel to the commission. d. Any notes or bonds, or any part thereof, may be sold without any previous public

offering to, and be purchased by, any sinking fund commission or the insurance or

pension fund commissioners of the school district offering the bonds, or be sold to

any board, commission or officers of the state, authorized by law to purchase such

notes or bonds. e. Any notes or bonds payable not more than seven years from their date may be sold

at private sale with the written assent of the commission.