App.A:4-63. Refunding bonds; resolution on or before Dec. 31, 1947; interest; payment; taxes

The board of education of any school district which is governed by chapter seven of Title 18 of the Revised Statutes of New Jersey 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.

(L.1940, c. 29, p. 106, s. 1. Amended by L.1940, c. 249, p. 952, s. 1; L.1943, c. 19, p. 51, s. 1, L.1945, c. 27, p. 83, s. 1.)