N.J.S.A. 18A:8-3.2 — Repayment of indebtedness paid by original district notwithstanding its assumption

18A:8-3.2. Repayment of indebtedness paid by original district notwithstanding its assumption When the board of education of a school district situated in any municipality pays any portion of an indebtedness which existed at the time of the formation of a new municipality or part thereof, or at the time of the annexation of such municipality to another and which was assumed by and became the obligation of the board of education of the school district situated in the new municipality, the amount of such payment with interest shall be repaid by the last mentioned board. L.1967, c.271

This is the verbatim text of N.J.S.A. 18A:8-3.2, 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.