6. The debt service on bonds, notes and other obligations authorized pursuant to P.L.1991, c.139 (C.18A:7A-46.1 et seq.) shall be appropriated and made part of the municipal budget and raised through the annual municipal tax levy. However, all debt service payments shall be included in the budget of the school district under full State intervention as the sum necessary for interest and debt redemption charges and shall be eligible for State education aid in the year in which the appropriation and expenditure are made.
N.J. Stat. Ann. § 18A:7A-46.6
Debt service part of municipal budget
Known as the School District Fiscal Accountability Act
The act spans §§ 18A:7A-10 to 18A:7A-60 (49 sections).
L.1991,c.139,s.6; amended 2005, c.235, s.25.
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.