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New Jersey Statutes, Title: 18A, EDUCATION
Chapter 8: Municipalities as separate school districts; exceptions
Section: 18A:8-7: Amount of indebtedness to be assumed by proposed new district
The amount of indebtedness so to be assumed shall be calculated on the basis of the proportion which the original cost of the buildings, grounds, furnishings, equipment, and additions thereto, situate in the proposed new district, bears to the original cost of the buildings, grounds, furnishings, equipment and additions thereto, situated in the original district. Said original cost shall be determined according to rules prescribed by the commissioner with the approval of the state board and in accordance with recognized accounting practices.
L.1967, c.271.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 18a:8-7 (if available):
Court decisions that cite this statute:
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