18A:8-8 - Calculation of amount of indebtedness to be assumed
18A:8-8.Ā Calculation of amount of indebtedness to be assumed
In calculating the amount of indebtedness to be assumed, any indebtedness authorized for the purchase or improvement of land or the erection, alteration,Ā repair or furnishing of schoolhouses shall be included, whether incurred orĀ not, and shall be treated as if the bonds or notes authorized to be issued toĀ provide funds therefor had actually been issued, and the original cost of theĀ acquisition or improvement so to be made shall be deemed to be the amount ofĀ indebtedness authorized for the making thereof.
Ā
L.1967, c.271
Ā
In calculating the amount of indebtedness to be assumed, any indebtedness authorized for the purchase or improvement of land or the erection, alteration,Ā repair or furnishing of schoolhouses shall be included, whether incurred orĀ not, and shall be treated as if the bonds or notes authorized to be issued toĀ provide funds therefor had actually been issued, and the original cost of theĀ acquisition or improvement so to be made shall be deemed to be the amount ofĀ indebtedness authorized for the making thereof.
Ā
L.1967, c.271
Ā