18A:24-77 - Grounds for grant of authorization
18A:24-77.Ā Grounds for grant of authorization
The authorization provided for in section 2 of this act shall be granted inĀ any case in which it shall appear to the Division of Local Finance that theĀ issuing board is reasonably likely to be able to sell a sufficient number ofĀ bonds under this act as to accomplish its purpose.Ā Such authorization shall beĀ granted in any case where the total amount of the borrowing which is authorizedĀ to be expended for school purposes is not in excess of $250,000.00, or in theĀ alternative, where such amount represents an average of not more than $25.00Ā per capita of the population of the district.
L.1971, c. 36, s. 12, eff. March 4, 1971.
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The authorization provided for in section 2 of this act shall be granted inĀ any case in which it shall appear to the Division of Local Finance that theĀ issuing board is reasonably likely to be able to sell a sufficient number ofĀ bonds under this act as to accomplish its purpose.Ā Such authorization shall beĀ granted in any case where the total amount of the borrowing which is authorizedĀ to be expended for school purposes is not in excess of $250,000.00, or in theĀ alternative, where such amount represents an average of not more than $25.00Ā per capita of the population of the district.
L.1971, c. 36, s. 12, eff. March 4, 1971.
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