52:27-56 - Additional indebtedness and expenditures;Ā assent of commission necessary
52:27-56.Ā Additional indebtedness and expenditures;Ā assent of commission necessary
In order to conserve the financial resources of the school district, neitherĀ the legal voters nor the board of education thereof, without the assent inĀ writing of the commission, shall issue or authorize the issuance of notes orĀ bonds of any kind or character, or create any obligation or indebtedness of theĀ school district, except pursuant to section 18:7-60 of the title Education. Nor shall any action taken by the legal voters of the school district beĀ effective in so far as it purports to raise by tax in any year any sum or sumsĀ for any purpose or purposes, except to provide for the payment of the interestĀ on or principal of any debt or obligation of such school district or for theĀ setting aside of necessary reserve or sinking funds therefor, in excess of theĀ sum or sums voted to be raised by tax for like purposes in the preceding yearĀ without like assent of the commission.
Ā
In order to conserve the financial resources of the school district, neitherĀ the legal voters nor the board of education thereof, without the assent inĀ writing of the commission, shall issue or authorize the issuance of notes orĀ bonds of any kind or character, or create any obligation or indebtedness of theĀ school district, except pursuant to section 18:7-60 of the title Education. Nor shall any action taken by the legal voters of the school district beĀ effective in so far as it purports to raise by tax in any year any sum or sumsĀ for any purpose or purposes, except to provide for the payment of the interestĀ on or principal of any debt or obligation of such school district or for theĀ setting aside of necessary reserve or sinking funds therefor, in excess of theĀ sum or sums voted to be raised by tax for like purposes in the preceding yearĀ without like assent of the commission.
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