N.J.S.A. 18A:22-25

Borrowing against appropriation on notes

18A:22-25. Borrowing against appropriation on notes The board of education may, after July 1 and before January 1, borrow a sum not exceeding one half of the amount appropriated for the current expenses of the schools and for the repair of schoolhouses under its control, and execute and deliver promissory notes therefor, and pay the amount so borrowed together with interest thereon, at a rate not exceeding 6% per annum. L.1967, c.271.

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This is the verbatim text of N.J.S.A. 18A:22-25, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.