All moneys received for payment of principal and interest of obligations of a type II school district payable in any year shall be paid to the secretary or treasurer of school moneys of the district, as appropriate, who shall deposit them in such bank as shall be determined by resolution by the board, in order to provide for the payment thereof.
N.J. Stat. Ann. § 18A:24-59
Disposition of funds for payment of principal and interest on obligations
Known as the The School Qualified Bond Act
The act spans §§ 18–18 (116 sections).
amended 1981, c.174, s.17; 2010, c.39, s.23.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.