All lands belonging to this State now or formerly lying under water are dedicated to the support of public schools. All moneys hereafter received from the sales of such lands shall be paid to the board of trustees, and shall constitute a part of the permanent school fund of the State. To the extent that moneys received from the sales of these lands may, by law, be made payable to any purposes other than the school fund, these moneys shall not be paid to other purposes so long as there is a deficiency in the school bond reserve.
N.J. Stat. Ann. § 18A:56-5
State lands under water and revenue from sales thereof; restriction on revenue
Known as the New Jersey School Bond Reserve Act
The act spans §§ 18A:56-1 to 18A:56-9 (21 sections).
L.1967, c.271; amended by L.1980, c. 72, s. 3, eff
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.