18A:13-32 - Application of proceeds of sale of property
18A:13-32.Ā Application of proceeds of sale of property
The board of education of each constituent district from which any purchaseĀ of real property is made pursuant to section 18A:13-31 may expend all or anyĀ part of the proceeds of any such sale together with any interest thereon forĀ any purpose for which bonds might be issued by such district if the board shallĀ first have been authorized to make such expenditure in the same manner asĀ authority is given in the case of issuance of bonds of the district and all orĀ any part of the proceeds of such sale not so expended shall be applied to theĀ payment of the principal of any outstanding bonds or notes of the district andĀ pending said application shall be invested in war savings bonds or otherĀ obligations of the United States of America pursuant to law and the incomeĀ received from such investments shall be applied to the payment of interest uponĀ said outstanding bonds or notes as it shall become due and payable and if anyĀ surplus of such proceeds remains after the payment of the principal andĀ interest payable upon said outstanding bonds or notes, the same, or if there beĀ then no outstanding bonds or notes, the entire proceeds shall be paid into theĀ capital account of the local school district.
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L.1967, c.271.
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The board of education of each constituent district from which any purchaseĀ of real property is made pursuant to section 18A:13-31 may expend all or anyĀ part of the proceeds of any such sale together with any interest thereon forĀ any purpose for which bonds might be issued by such district if the board shallĀ first have been authorized to make such expenditure in the same manner asĀ authority is given in the case of issuance of bonds of the district and all orĀ any part of the proceeds of such sale not so expended shall be applied to theĀ payment of the principal of any outstanding bonds or notes of the district andĀ pending said application shall be invested in war savings bonds or otherĀ obligations of the United States of America pursuant to law and the incomeĀ received from such investments shall be applied to the payment of interest uponĀ said outstanding bonds or notes as it shall become due and payable and if anyĀ surplus of such proceeds remains after the payment of the principal andĀ interest payable upon said outstanding bonds or notes, the same, or if there beĀ then no outstanding bonds or notes, the entire proceeds shall be paid into theĀ capital account of the local school district.
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L.1967, c.271.
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