New Jersey § app:a-4

§ app:a-4.

The board of education of any school district which is governed by chapter seven of

Title 18 of the Revised Statutes of New Jersey 1 shall have power to issue its negotiable bonds (hereinafter described as “refunding

bonds”) for the purpose of paying, funding or refunding either the principal of or

interest on any bonds or notes heretofore or hereafter issued by such board of education

and to pay the cost of issuing such refunding bonds including printing, advertising,

accounting, financial and legal expenses. Such refunding bonds shall bear interest at a rate which shall not exceed six per

centum (6%) per annum. The issuance of such bonds shall be authorized by resolution or resolutions adopted

on or before December thirty-first, one thousand nine hundred and forty-seven, by

the vote of two-thirds of the members of such board of education. The power and obligation of the board of education of any school district to pay

any refunding bonds issued by it pursuant to this act shall be unlimited and the school

district shall levy ad valorem taxes upon all the taxable property within the school

district for the payment of such refunding bonds and interest thereon, without limitation

of rate or amount and provision shall be made for the payment of such bonds and interest

in accordance with the requirements of article seven of chapter seven of Title 18

of the Revised Statutes. 1

Repealed. See, now, generally Title 18A.