N.J.S.A. 18A:7F-5.2 — Sale, lease-back of textbooks; funds classification.

18A:7F-5.2 Sale, lease-back of textbooks; funds classification. 4. a. Proceeds from the sale and lease-back of textbooks and non-consumable instructional materials shall not be considered miscellaneous local general fund revenue for the purpose of calculating the net budget. b. A board of education may establish a reserve account in the general fund with all or a part of the proceeds from the sale and lease-back of textbooks and non-consumable instructional materials provided that subsequent appropriations from the reserve account shall only be made within the original budget certified for taxes or as approved by the commissioner for good cause. L.1998, c.55, s.4; amended 2010, c.44, s.3.

This is the verbatim text of N.J.S.A. 18A:7F-5.2, 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.