State Codes and Statutes

Statutes > New-jersey > Title-18a > Section-18a-22 > 18a-22-25

18A:22-25.  Borrowing against appropriation on notes
    The board of education may, after July 1 and before January 1, borrow a sum  not exceeding one half of the amount appropriated for the current expenses of  the schools and for the repair of schoolhouses under its control, and execute  and deliver promissory notes therefor, and pay the amount so borrowed together  with interest thereon, at a rate not exceeding 6% per annum.
 
L.1967, c.271.