18A:8-24 - Division of assets and liabilities of original district
18A:8-24.Ā Division of assets and liabilities of original district
The county superintendent in a written report filed by him at the end of theĀ school year preceding that in which the new district is created shall make aĀ division of the assets, except school buildings, grounds, furnishings andĀ equipment, and of the liabilities, other than the bonded indebtedness of theĀ original district, between the new district and the remaining district on theĀ basis of the amount of the ratables in the respective districts on which theĀ last school tax was levied, and in determining the amount of assets to be divided, he shall take into account the present value of the school books, supplies, fuel, motor vehicles and all personal property other than furnishingsĀ and equipment.Ā In the case of any vehicle used for the transportation ofĀ school children, the original cost of the vehicle, less any state aidĀ appropriated therefor, shall be deemed to be the present value.
Ā
L.1967, c.271.
Ā
The county superintendent in a written report filed by him at the end of theĀ school year preceding that in which the new district is created shall make aĀ division of the assets, except school buildings, grounds, furnishings andĀ equipment, and of the liabilities, other than the bonded indebtedness of theĀ original district, between the new district and the remaining district on theĀ basis of the amount of the ratables in the respective districts on which theĀ last school tax was levied, and in determining the amount of assets to be divided, he shall take into account the present value of the school books, supplies, fuel, motor vehicles and all personal property other than furnishingsĀ and equipment.Ā In the case of any vehicle used for the transportation ofĀ school children, the original cost of the vehicle, less any state aidĀ appropriated therefor, shall be deemed to be the present value.
Ā
L.1967, c.271.
Ā