18A:24-2 - Borrowing on tuition due from another district
18A:24-2.Ā Borrowing on tuition due from another district
Any board of education may borrow upon its promissory note or notes bearingĀ interest at not to exceed 6% per annum such sum or sums not exceeding 80% ofĀ the amount due it for tuition from any school district and upon assignment, asĀ collateral, of the delinquent tuition and the tuition so assigned shall, whenĀ and as received, be applied to the repayment of the amount borrowed, with theĀ interest, until the same has been fully repaid.
Ā
L.1967, c.271.
Ā
Any board of education may borrow upon its promissory note or notes bearingĀ interest at not to exceed 6% per annum such sum or sums not exceeding 80% ofĀ the amount due it for tuition from any school district and upon assignment, asĀ collateral, of the delinquent tuition and the tuition so assigned shall, whenĀ and as received, be applied to the repayment of the amount borrowed, with theĀ interest, until the same has been fully repaid.
Ā
L.1967, c.271.
Ā