New Jersey § app:a-4

§ app:a-4.

Any such refunding bonds may be sold in such manner as may be determined by resolution,

at public or private sale before or after public offering, or may be exchanged before

or after public offering for any outstanding obligations to be funded or refunded

thereby upon authorization by resolution adopted by vote of two-thirds of the members

of the board of education, at such price or prices, computed in the manner or mode

of procedure described by “Acme Tables of Bond Value” (published by Financial Publishing

Company, Boston, Massachusetts), as will yield to the purchasers or the holders of

the obligations surrendered in exchange, income at a rate not exceeding six per centum

(6%) per annum to the maturity dates of the several bonds so sold or exchanged on

the money paid or the principal amount of the obligations surrendered therefor to

the school district. Refunding bonds of any authorized issue or of any authorized maturity may be sold

or exchanged as hereinabove provided from time to time and in such blocks as may be

deemed advisable. The officer delivering any refunding bonds in exchange for outstanding obligations

shall report the amounts and numbers of the refunding bonds so delivered and the outstanding

obligations so received, and the report shall be entered in the minutes of the board

of education and a copy of such report shall be filed within five days with the State

Department of Local Government.