N.J.S.A. 18A:8-7 — Amount of indebtedness to be assumed by proposed new district

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 is the verbatim text of N.J.S.A. 18A:8-7, 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.