| PREVIOUS SECTION | Go back to sections | Go back to the chapter | Go back to the N.J. Statutes homepage | NEXT SECTION |
New Jersey Statutes, Title: App.A, EMERGENCY AND TEMPORARY ACTS
Chapter 4: Tax exemption
Section: App.A:4-66: Matters to be considered by Local Government Board; statement of reasons for refusing consent
In considering any resolution in connection with the issuance of any refunding bonds, presented to it for the indorsement of its consent thereon, the Local Government Board shall have regard to the probable capacity of the school district to pay at their maturity the refunding bonds proposed to be issued and all other indebtedness then outstanding, taking into consideration both the assessed and the true value of taxable property, and to the equitable distribution of the burden of interest and debt redemption charges in connection with the refunding bonds and other indebtedness theretofore or which may necessarily thereafter be incurred. If the Local Government Board shall refuse to indorse its consent upon any such resolution, it shall make and certify to the school district a statement of its reasons for so refusing.
(L.1940, c. 29, p. 107, s. 4.)
This section added to the Rutgers Database: 2012-09-26 13:37:57.
Older versions of app.a:4-66 (if available):
Court decisions that cite this statute:
CLICK HERE.