N.J.S.A. 18A:58-33.12 — Deduction of bonds from school debt and gross debt of municipality

18A:58-33.12. Deduction of bonds from school debt and gross debt of municipality Any bonds entitled to the benefits of the provisions of this act, shall be deducted from the school debt in determining the net school debt of any school district for any purpose or computation under section 18A:24-19 of the New Jersey Statutes, and the amount of all such bonds shall be deducted from the gross debt of any municipality constituting the whole or any part of such school district pursuant to section 40A:2-44(g) of the New Jersey Statutes. L.1971, c. 10, s. 7, eff. Jan. 21, 1971.

This is the verbatim text of N.J.S.A. 18A:58-33.12, 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.