State Codes and Statutes

Statutes > New-jersey > Title-18a > Section-18a-58 > 18a-58-33-15

18A:58-33.15.  Certification of annual debt service;  conclusiveness of entitlement to benefits of act
    Within 10 days after issuance of any bonds or notes entitled to the benefits  of this act, the chief financial officer of the school district or municipality  issuing such bonds or notes shall certify to the Commissioner of Education the  exact amount payable on account of debt service (interest and principal) on  such bonds or notes in each year and the name and address of the paying agent  or paying agents for such bonds or notes.  The Commissioner of Education shall  thereupon verify said amounts and certify the same to the State Treasurer  together with the name and address of the paying agent or paying agents for  such bonds or notes.  The certification by the Commissioner of Education as to  amount payable in any year for debt service (principal and interest) on such  bonds or notes shall be fully conclusive as to such bonds or notes from and  after the time of issuance of such bonds or notes, notwithstanding any  irregularity, omission or failure as to compliance with any of the provisions  of this act with respect to such bonds or notes, provided that such bonds or  notes contain a recital to the effect that they are entitled to the benefits of  the provisions of this act, and all persons shall be forever estopped from  denying that such bonds or notes are entitled to the benefits of the provisions  of this act.

     L.1971, c. 10, s. 10, eff. Jan. 21, 1971.  Amended by L.1971, c. 46, s. 2, eff. March 12, 1971.