The School Qualified Bond Act

New Jersey · Education · §§ 18A:24-1 to 18A:24-97 · 116 sections

Overview

The School Qualified Bond Act governs how New Jersey school districts borrow money by issuing bonds to finance school facilities, repairs, furnishings, and equipment. It sets out separate authorization procedures for Type I and Type II districts — including ordinances, voter propositions, and the role of boards of school estimate — along with rules for combining bond issues, borrowing in anticipation of a bond issuance, and borrowing against tuition owed by another district. The act also caps district indebtedness while providing a review process for exceeding those limits through approval by the commissioner and the local finance board, and it specifies the debt statements that must be filed and the form, execution, conversion, and public sale of the bonds themselves.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

N.J. Stat. Ann. § 18A:24-1Definitions
N.J. Stat. Ann. § 18A:24-10School bonds, when deemed to be authorized
N.J. Stat. Ann. § 18A:24-11Type I districts; authorization of bonds; appropriations and borrowings; procedure to be followed
N.J. Stat. Ann. § 18A:24-11.1Newark; school bonds; authorization
N.J. Stat. Ann. § 18A:24-11.2Bond authorization process continued
N.J. Stat. Ann. § 18A:24-12Type II districts; authorization of bonds
N.J. Stat. Ann. § 18A:24-12.1Type II school district without a board of school estimate, bonds, repairs to school facilities, furnishings, equipment, natural disasters, deemed necessary
N.J. Stat. Ann. § 18A:24-13Combining issues of bonds
N.J. Stat. Ann. § 18A:24-13.1Attorneys; compensation; services on issuance of bonds
N.J. Stat. Ann. § 18A:24-16Supplemental debt statements; necessity for and contents
N.J. Stat. Ann. § 18A:24-17Supplemental debt statement; preparation with respect to various municipalities; filing
N.J. Stat. Ann. § 18A:24-18Presumption of filing and correctness of statements
N.J. Stat. Ann. § 18A:24-19School district bonds
N.J. Stat. Ann. § 18A:24-2Borrowing on tuition due from another district
N.J. Stat. Ann. § 18A:24-20Authorization of bonds in excess of limits prescribed in section 18A:24-19; exception of type I districts
N.J. Stat. Ann. § 18A:24-21Manner of authorization of bonds in excess of certain limitations
N.J. Stat. Ann. § 18A:24-22Form of ordinance, proposition for confirmation of ordinance or proposal for issuance of bonds under sections 18A:24-20 and 18A:24-21
N.J. Stat. Ann. § 18A:24-23Authorization of bonds in excess of limitations prescribed by section 18A:24-19
N.J. Stat. Ann. § 18A:24-24Form of ordinance, proposition for confirmation of ordinance or proposal for issuance of bonds under section 18A:24-23
N.J. Stat. Ann. § 18A:24-25Submission to commissioner and local finance board; limiting conditions
N.J. Stat. Ann. § 18A:24-26Approval or disapproval by commissioner
N.J. Stat. Ann. § 18A:24-27Approval or disapproval by local finance board
N.J. Stat. Ann. § 18A:24-27.1Authorization to commissioner to certify required grade levels of instruction
N.J. Stat. Ann. § 18A:24-28Charter limitations on indebtedness inapplicable
N.J. Stat. Ann. § 18A:24-28.11964, c. 73, s. 8 (C. 18:5-84.2)
N.J. Stat. Ann. § 18A:24-29Issuance of bonds; ordinance, submission to voters
N.J. Stat. Ann. § 18A:24-3Borrowing in anticipation of issuance of bonds
N.J. Stat. Ann. § 18A:24-30Transmission of certified copy of bond proposal
N.J. Stat. Ann. § 18A:24-31Form; type I districts
N.J. Stat. Ann. § 18A:24-3.1Rules and regulations
N.J. Stat. Ann. § 18A:24-32Form and execution; type II districts
N.J. Stat. Ann. § 18A:24-33Coupon and registered bonds; conversion, etc
N.J. Stat. Ann. § 18A:24-34Conversion or reconversion of unmatured bonds; lost, defaced or destroyed bonds; reissuance
N.J. Stat. Ann. § 18A:24-35Type I districts
N.J. Stat. Ann. § 18A:24-36Public sale of bonds
N.J. Stat. Ann. § 18A:24-37Notice of sale of bonds
N.J. Stat. Ann. § 18A:24-38Contents of notice when proposals are the same
N.J. Stat. Ann. § 18A:24-39Special provisions for two or more issues
N.J. Stat. Ann. § 18A:24-4Payment of principal of temporary bonds from proceeds of permanent bonds
N.J. Stat. Ann. § 18A:24-40Cash premium not to exceed $1,000.00
N.J. Stat. Ann. § 18A:24-41Deposit by bidders
N.J. Stat. Ann. § 18A:24-4.11967, c. 75
N.J. Stat. Ann. § 18A:24-42Sealed bids, proposals opened publicly
N.J. Stat. Ann. § 18A:24-43Rejection of proposals
N.J. Stat. Ann. § 18A:24-44Sale or delivery in installments
N.J. Stat. Ann. § 18A:24-45Private sale if no bids at public sale
N.J. Stat. Ann. § 18A:24-46Private sale to public agencies
N.J. Stat. Ann. § 18A:24-47Payment to custodian; application
N.J. Stat. Ann. § 18A:24-48Application of proceeds to new purpose; in districts having boards of school estimate; certification by boards of education
N.J. Stat. Ann. § 18A:24-49Application of proceeds to new purpose in type I district; determination by board of school estimate
N.J. Stat. Ann. § 18A:24-5Purposes and maturities for which bonds may be issued
N.J. Stat. Ann. § 18A:24-50New purpose; determination by board of school estimate in type II districts
N.J. Stat. Ann. § 18A:24-51New purpose; submission to voters in type II districts having no boards of school estimate
N.J. Stat. Ann. § 18A:24-52Approval of submission by commissioner
N.J. Stat. Ann. § 18A:24-53Approval by voters
N.J. Stat. Ann. § 18A:24-54Transfer of remaining unapplied balance
N.J. Stat. Ann. § 18A:24-55Contracts made before issuance of bonds
N.J. Stat. Ann. § 18A:24-56Lien of bonds of type II district
N.J. Stat. Ann. § 18A:24-57Payment of interest and principal from taxes
N.J. Stat. Ann. § 18A:24-58Borrowing to pay principal and interest
N.J. Stat. Ann. § 18A:24-59Disposition of funds for payment of principal and interest on obligations
N.J. Stat. Ann. § 18A:24-6Bonds payable in installments
N.J. Stat. Ann. § 18A:24-60Cancellation and disposition of paid obligations
N.J. Stat. Ann. § 18A:24-61Renewal or refunding of obligations prohibited; exceptions
N.J. Stat. Ann. § 18A:24-61.1Funding or refunding bonds at or prior to maturity
N.J. Stat. Ann. § 18A:24-61.10Sinking fund or reserve fund moneys; payment or retirement of refunded bonds or deposit in trust
N.J. Stat. Ann. § 18A:24-61.11Refunding bonds for refunding bonds due over five year period; investments
N.J. Stat. Ann. § 18A:24-61.12Powers under this Act and validity of refunding bonds not affected by laws or proceedings
N.J. Stat. Ann. § 18A:24-61.2Purpose for which refunding bonds may be authorized; exclusions from net school debt
N.J. Stat. Ann. § 18A:24-61.3Refunding bond ordinance; manner of sale and issuance
N.J. Stat. Ann. § 18A:24-61.4Supplemental debt statement, adoption of refunding bond ordinance; provisions
N.J. Stat. Ann. § 18A:24-61.5Certified copy of refunding bond ordinance; filing
N.J. Stat. Ann. § 18A:24-61.6Powers and duties of local finance board
N.J. Stat. Ann. § 18A:24-61.7Consent by board; considerations; statement of reasons for refusal
N.J. Stat. Ann. § 18A:24-61.8Title; dates; interest; denomination; payment; redemption
N.J. Stat. Ann. § 18A:24-61.9Sale or exchange of refunding bonds
N.J. Stat. Ann. § 18A:24-62R.S. 18:7-84
N.J. Stat. Ann. § 18A:24-63Bonds authorized prior to change in method of government of school district
N.J. Stat. Ann. § 18A:24-64Issuance of bonds authorized prior to effective date of this title
N.J. Stat. Ann. § 18A:24-65Expiration date for contesting validity of proceeding, election
N.J. Stat. Ann. § 18A:24-66Authorization
N.J. Stat. Ann. § 18A:24-67Application for authorization; grant of authorization; certificate; publication of notice of certificate; conclusiveness of validity of bonds
N.J. Stat. Ann. § 18A:24-68Purpose of act
N.J. Stat. Ann. § 18A:24-69Contracts with financial institutions as agents; terms of advance subscription
N.J. Stat. Ann. § 18A:24-7Change of maturities; application to local finance board
N.J. Stat. Ann. § 18A:24-70Bond resolution; provisions
N.J. Stat. Ann. § 18A:24-71Investment of proceeds; disposition of excess borrowed over authorizations; reserve for payment of bonds
N.J. Stat. Ann. § 18A:24-72Maturity date
N.J. Stat. Ann. § 18A:24-73Annual installment to retire bonds; calculation; school budget item; sinking fund; disposition of excess
N.J. Stat. Ann. § 18A:24-74Temporary borrowings to meet redemptions
N.J. Stat. Ann. § 18A:24-75Municipal ordinance for guaranty; authorization
N.J. Stat. Ann. § 18A:24-76Modification or revocation of right or interest of bondholder
N.J. Stat. Ann. § 18A:24-77Grounds for grant of authorization
N.J. Stat. Ann. § 18A:24-78Application to issue of other bonds
N.J. Stat. Ann. § 18A:24-79Net debt of board of education; calculation; net debt of municipality
N.J. Stat. Ann. § 18A:24-8Change of maturities; approval or disapproval by local finance board
N.J. Stat. Ann. § 18A:24-80Exemption from taxation
N.J. Stat. Ann. § 18A:24-81Payroll deductions for purchase of bonds
N.J. Stat. Ann. § 18A:24-82Legal investment for fiduciaries or other representative
N.J. Stat. Ann. § 18A:24-83Bonds as gift to minor or for purchase for beneficiary
N.J. Stat. Ann. § 18A:24-84Construction of act; severability; validity of bonds
N.J. Stat. Ann. § 18A:24-85Short title
N.J. Stat. Ann. § 18A:24-86Legislative findings
N.J. Stat. Ann. § 18A:24-87Definitions
N.J. Stat. Ann. § 18A:24-88Qualified bonds; issuance; resolution by local board of education or municipality; application to commissioner; resolution of approval by state board; endorsement of proposal or ordinance
N.J. Stat. Ann. § 18A:24-89Endorsement of consent of local finance board; conditions
N.J. Stat. Ann. § 18A:24-9Issuance of bonds in accordance with maturities approved by local finance board
N.J. Stat. Ann. § 18A:24-90Revision of maturity schedule approved by local finance board; application; approval; endorsement
N.J. Stat. Ann. § 18A:24-91Recitals; method of authorization and issue; maturity; provisions for protection of bondholders
N.J. Stat. Ann. § 18A:24-9.1Inclusion of redemption provisions in temporary loan notes or bonds and school bonds
N.J. Stat. Ann. § 18A:24-92Bond anticipation notes
N.J. Stat. Ann. § 18A:24-93Certification to state treasurer of debt service and paying agent; withholding state school aid to pay bonds; guarantee to bondholders
N.J. Stat. Ann. § 18A:24-94Annual budget of school district or municipality; inclusion of debt service on qualified bonds
N.J. Stat. Ann. § 18A:24-95Application to projects commenced prior to effective date of act
N.J. Stat. Ann. § 18A:24-96Severability
N.J. Stat. Ann. § 18A:24-97Issuance in absence of compliance with provisions as to approval for qualification upon adoption of funding ordinances or resolutions; refunding bonds; standards in investigation by commissioner

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