reglab/housing_qa huggingface dataset:
NJ Rev Stat § 18A:24-69 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-69 - Contracts with financial institutions as agents; terms of advance subscription

18A:24-69. Contracts with financial institutions as agents; terms of advance subscription  The issuing board may enter into contracts and agreements with any financial institution or institutions to serve as agent of the board of education through whom the public may subscribe to, purchase and redeem bonds, or for temporary borrowings when appropriate to meet redemptions pending reissue of additional bonds, and for such other purposes and services appropriate to the achievement of the object of this act and the management of the issue. Such contracts and agreements, if entered into prior to the granting of authorization to issue bonds under this act, shall be deemed to contain a provision that the same shall not take effect until authorization has been granted and certificate issued, nor until any changes required by any terms and conditions of the authorization have been made. Nothing herein, however, shall prevent the making of a contract or agreement for the receipt of subscriptions and deposits for the purchase of bonds, contingent upon authorization and certification, so long as the issuing board is not required to make any payment or other compensation for the service or cost thereof in the event that the approval is not granted or certificate is not issued. Any such advance subscriptions shall be on a written form expressly stating that if authorization is not granted or certificate not issued by a date therein specified, the deposit accompanying the subscription shall be refunded on demand without interest. L.1971, c. 36, s. 4, eff. March 4, 1971.
NJ Rev Stat § 18A:24-71 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-71 - Investment of proceeds; disposition of excess borrowed over authorizations; reserve for payment of bonds

18A:24-71. Investment of proceeds; disposition of excess borrowed over authorizations; reserve for payment of bonds  Because the amounts actually borrowed on bonds issued pursuant to this act, together with amounts borrowed on bonds issued under other laws, may from time to time exceed the total amount authorized by law to be borrowed and expended for school purposes, any excess so borrowed from time to time shall be held in a reserve to be applied to meet redemptions and maturities. Where the amount to be invested is less than such limit as may be specified by the bond resolution, or is reasonably expected to be invested for a short period, the same may be temporarily invested in a certificate or certificates of deposit or other similar investment, of the fiscal agent or any other financial institution authorized to do business in this State. In other cases the investments may be made in such manner as other funds of a board of education may be invested, or the issuing board may negotiate and enter into an agreement for the making of investments for its account, either in a separate account or in a common fund with other like investments for other boards of education, by the State Investment Council in the Department of the Treasury, which council is hereby authorized to enter into and perform such agreements and to make investments in any security or securities in which it may be authorized to make investments under any of the laws applicable to it. L.1971, c. 36, s. 6, eff. March 4, 1971.
NJ Rev Stat § 18A:24-72 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-72 - Maturity date

18A:24-72. Maturity date  The blanket bond of the issuing board provided for in section 5b of this act shall be for a due date not in excess of that which would provide the maximum borrowing period under applicable law for the particular purpose of the borrowing. The bonds issued to bondholders may be for shorter periods of maturity, and the same may be issued and reissued from time to time but all of the same shall mature and become due and payable on the due date of the blanket bond, unless prior thereto an additional bond issue or issues shall be authorized and new and additional blanket bond or bonds shall be issued, in which case bonds may be issued and reissued to bondholders to mature, in any event, on the last date of any of said bonds. L.1971, c. 36, s. 7, eff. March 4, 1971.
NJ Rev Stat § 18A:24-73 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-73 - Annual installment to retire bonds; calculation; school budget item; sinking fund; disposition of excess

18A:24-73. Annual installment to retire bonds; calculation; school budget item; sinking fund; disposition of excess  The issuing board shall annually cause to be made calculations of the average amount of the principal of bonds issued and outstanding under this act and of the average amount of the reserve provided for in section 6, for the 12-month period prior to such calculation. The calculations shall be made not more than 3 months prior to the date for the publication of the annual school budget. Said budget shall contain provision, as a mandatory item, of an amount equal to that sum which would be sufficient as a level annual installment to retire in full the net amount resulting from the subtraction of the average reserve from the average outstanding principal, at that rate of interest that would be applicable if all bonds were held to maturity, if such installments were paid over the full term of the blanket bond. The amount annually required for said item shall be placed in a separate sinking fund to be invested and reinvested in the same manner as provided in section 6, and shall be applied only to the satisfaction of bonds outstanding at the maturity of the last blanket bond. Any excess, remaining after full satisfaction of such bonds, or the making of provisions therefor, shall be and become general funds available to the issuing board but for authorized school purposes only. L.1971, c. 36, s. 8, eff. March 4, 1971.
NJ Rev Stat § 18A:24-74 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-74 - Temporary borrowings to meet redemptions

18A:24-74. Temporary borrowings to meet redemptions  Because the amounts of redemptions from time to time may be such as to deplete the reserve fund provided for in section 6, the issuing board is authorized to make temporary borrowings from any available source, to provide funds to meet redemptions. The authorization of the Division of Local Finance may require that binding arrangements be made for the availability of such temporary funds, unless the bonds to be issued hereunder are guaranteed by municipal guaranty. L.1971, c. 36, s. 9, eff. March 4, 1971.
NJ Rev Stat § 18A:24-75 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-75 - Municipal ordinance for guaranty; authorization

18A:24-75. Municipal ordinance for guaranty; authorization  Every municipality within or part of the school district of the issuing board is hereby authorized to adopt an ordinance containing a guaranty of bonds issued under this act. L.1971, c. 36, s. 10, eff. March 4, 1971.
NJ Rev Stat § 18A:24-76 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-76 - Modification or revocation of right or interest of bondholder

18A:24-76. Modification or revocation of right or interest of bondholder  No bond resolution, no municipal ordinance for guaranty, and no contract, agreement, arrangement or other act of the issuing board, of any municipality or of any governmental office, officer or agency shall be modified, altered, revoked, added to or otherwise changed in any respect that would tend to adversely affect the interest or right of the holder of any bond or bonds issued hereunder. This provision shall be deemed to be a contractual obligation and not subject to modification or repeal so long as any of said bonds are issued, outstanding and unmatured. Nothing in this section shall be construed to prevent the issue and reissue of additional bonds, all of which shall have equal rights in respect to any reserves or sinking funds without any differences in priority among them. L.1971, c. 36, s. 11, eff. March 4, 1971.
NJ Rev Stat § 18A:24-77 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-77 - Grounds for grant of authorization

18A:24-77. Grounds for grant of authorization  The authorization provided for in section 2 of this act shall be granted in any case in which it shall appear to the Division of Local Finance that the issuing board is reasonably likely to be able to sell a sufficient number of bonds under this act as to accomplish its purpose. Such authorization shall be granted in any case where the total amount of the borrowing which is authorized to be expended for school purposes is not in excess of $250,000.00, or in the alternative, where such amount represents an average of not more than $25.00 per capita of the population of the district. L.1971, c. 36, s. 12, eff. March 4, 1971.
NJ Rev Stat § 18A:24-78 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-78 - Application to issue of other bonds

18A:24-78. Application to issue of other bonds  No authorization to issue bonds pursuant to this act shall in any way preclude the issuing board from issuing other bonds under any other applicable law, at any time and from time to time, during the period for which bonds might have been issued in the absence of such authorization. L.1971, c. 36, s. 13, eff. March 4, 1971.
NJ Rev Stat § 18A:24-79 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-79 - Net debt of board of education; calculation; net debt of municipality

18A:24-79. Net debt of board of education; calculation; net debt of municipality  For the purposes of calculating or stating local debt or school debt, or for any debt statement or supplemental debt statement, or for the application of any limitation on the issuance of bonds by a board of education or municipality, or any other similar purpose under any applicable law now or hereafter enacted, the net debt of any board of education on bonds issued hereunder shall be the aggregate amount of the principal and accrued interest of issued and outstanding bonds, less the amount of the reserve funds and sinking funds held pursuant to this act and the earnings thereof, as of the date of the calculation. At the option of the issuing board, the calculation of net debt may be made in the same manner as provided in section 8 of this act, ^1^ except that accrued interest shall be included in the calculation. No municipal guaranty of any bonds issued hereunder shall be taken into account in determining its bonded indebtedness or in calculating any debt limit or for any other purpose stated in this section in respect to such municipality, unless the municipality shall have been called upon to perform its guaranty, and then only to the extent of such call and to the extent that the same has not been satisfied. However, the existence of the guaranty shall be disclosed in any case. L.1971, c. 36, s. 14, eff. March 4, 1971.
NJ Rev Stat § 18A:24-80 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-80 - Exemption from taxation

18A:24-80. Exemption from taxation  Any and all bonds issued pursuant to this act shall be conclusively deemed to be governmental obligations for governmental and public purposes, and the same, together with any interest thereon, shall be forever exempt from any and every tax and shall be excluded from the calculation of any and every tax, whenever enacted, of whatever nature and however levied, assessed or calculated, whether during the lifetime or at or after or by reason of the death of any holder. L.1971, c. 36, s. 15, eff. March 4, 1971.
NJ Rev Stat § 18A:24-81 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-81 - Payroll deductions for purchase of bonds

18A:24-81. Payroll deductions for purchase of bonds  Every employer, public or private, is hereby authorized to accept requests from any employee to make payroll deductions to be applied by the employer from time to time, as sufficient deductions have accrued, to the purchase of bonds authorized to be issued hereunder for the account of such employee. L.1971, c. 36, s. 16, eff. March 4, 1971.
NJ Rev Stat § 18A:24-82 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-82 - Legal investment for fiduciaries or other representative

18A:24-82. Legal investment for fiduciaries or other representative  Every fiduciary or other representative is hereby authorized to make investments in bonds authorized to be issued hereunder, which shall be legal investments unless expressly prohibited by the instrument from which his authority derives. L.1971, c. 36, s. 17, eff. March 4, 1971.
NJ Rev Stat § 18A:24-83 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-83 - Bonds as gift to minor or for purchase for beneficiary

18A:24-83. Bonds as gift to minor or for purchase for beneficiary  Bonds authorized to be issued under this act may be made the subject of gifts under the Gifts to Minors Act or other similar law, and may be purchased for the benefit of any minor or other beneficiary under any will or other instrument in any case where obligations of the United States or of this State may be purchased, or where moneys are authorized to be deposited in any bank account. L.1971, c. 36, s. 18, eff. March 4, 1971.
NJ Rev Stat § 18A:24-84 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-84 - Construction of act; severability; validity of bonds

18A:24-84. Construction of act; severability; validity of bonds  This act shall be liberally construed. Its provisions shall be deemed severable in any case where such severability will not tend to defeat its purpose. No defect, error or omission in any matter of form or substance shall in any way affect the validity and binding obligation of any bond issued hereunder, and the Division of Local Finance is authorized, in any such case, to issue an order validating any bonds to be issued after the discovery thereof, in any respect in which there may be such defect, error or omission, if it is satisfied that the same is not substantial or prejudicial, or upon a curing or correction of the defect, error or omission. L.1971, c. 36, s. 19, eff. March 4, 1971.
NJ Rev Stat § 18A:24-85 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-85 - Short title

18A:24-85. Short title  This act shall be known and may be cited as "The School Qualified Bond Act." L.1976, c. 39, s. 12, eff. June 28, 1976.
NJ Rev Stat § 18A:24-86 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-86 - Legislative findings

18A:24-86. Legislative findings  The Legislature finds and declares that: a. Provision of adequately equipped, sanitary and secure physical facilities is an integral part of the maintenance of a thorough and efficient system of free public education; b. Maintenance of strong financial credit in New Jersey school districts is essential in providing necessary physical facilities at minimum cost, for the children of this State between the ages of 5 and 18 years; c. While the credit status of New Jersey's school districts is sound, it can be strengthened by a pledge of State school aid to guarantee debt service payments on qualified bonds; d. Such a pledge of State school aid should expand the market for and lower the interest costs on qualified bonds issued pursuant to the terms of this act, thus substantially reducing the costs of participating school districts and making more efficient use of the funds available for the provision of a thorough and efficient education. L.1976, c. 39, s. 1, eff. June 28, 1976.
NJ Rev Stat § 18A:24-87 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-87 - Definitions.

18A:24-87 Definitions.  2. For the purposes of this act, unless the context clearly requires a different meaning:  a. "Commissioner" means the Commissioner of Education of the State of New Jersey;  b. "Debt service" means and includes payments of principal and interest upon qualified bonds issued pursuant to the terms of this act or amounts required in order to satisfy sinking fund payment requirements with respect to such bonds;  c. "Local Finance Board" means the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs, established pursuant to P.L.1974, c.35 (C.52:27D-18.1);  d. "Paying agent" means any bank, trust company or national banking association having the power to accept and administer trusts, named or designated in any qualified bond of a school district or municipality as the agent for the payment of the principal of and interest thereon and shall include the holder of any sinking fund established for the payment of such bonds;  e. "Qualified bonds" means those bonds of a school district or municipality authorized and issued in conformity with the provisions of this act;  f. "State board" means the State Board of Education of the State of New Jersey;  g. "School district" means a Type I, Type II, regional, or consolidated school district as defined in Title 18A of the New Jersey Statutes;  h. "State school aid" means the funds made available to local school districts pursuant to section 11 of P.L.2007, c.260 (C.18A:7F-53). L.1976, c.39, s.2; amended 1978, c.76, s.2; 1990, c.52, s.47; 1996, c.138, s.61; 2007, c.260, s.55.
NJ Rev Stat § 18A:24-88 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-88 - Qualified bonds; issuance; resolution by local board of education or municipality; application to commissioner; resolution of approval by state board; endorsement of proposal or ordinance

18A:24-88. Qualified bonds; issuance; resolution by local board of education or municipality; application to commissioner; resolution of approval by state board; endorsement of proposal or ordinance  a. Bonds issued by any school district or municipality pursuant to the provisions of this act shall be "qualified bonds" and shall be entitled to the benefit of the provisions of this act. b. Whenever a local board of education or the governing body of a municipality determines by resolution to issue bonds for the construction, reconstruction, development, extension, improvement or acquisition of physical facilities, it may file an application with the commissioner to qualify the bonds pursuant to the provisions of this act. Upon receipt of any such application, the commissioner shall cause an investigation to be made, taking into consideration such factors as the conditions in the school district, any applicable educational goals, objectives and standards established by the State or local board of education, the need for the facilities to be financed from the proceeds of such proposed qualified bonds, the ability of the school district or municipality to maintain a thorough and efficient system of education after issuing qualified bonds, and such other factors as the commissioner may deem necessary. c. If such investigation shows to the satisfaction of the commissioner that such school district or municipality should be entitled to issue qualified bonds pursuant to the provisions of this act, he shall so recommend to the State board which may by resolution determine that such school district or municipality is entitled to issue qualified bonds. d. At any time within 1 year after the adoption by the State board of the resolution referred to in subsection c. with respect to a particular issue of bonds, the school district or municipality may submit to the commissioner a copy of a proposal or ordinance authorizing the issuance of qualified bonds entitled to the benefits of this act in accordance with said resolution. The commissioner shall be and is hereby authorized to endorse upon any copy of such proposal or ordinance a certification thereof as being the proposal or ordinance as to which a determination of the State board has been made as aforesaid. Such endorsement shall be made in such form or manner as the commissioner shall determine. If no such proposal or ordinance is submitted within 1 year of the adoption of the resolution, the resolution shall be of no further force and effect and the commissioner shall so notify said school district or municipality. L.1976, c. 39, s. 3, eff. June 28, 1976.
NJ Rev Stat § 18A:24-89 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-89 - Endorsement of consent of local finance board; conditions

18A:24-89. Endorsement of consent of local finance board; conditions  a. A copy of the resolution of the State board referred to in section 3c. and a copy of the proposal or ordinance referred to in section 3d. bearing the endorsement of the commissioner as aforesaid, shall be submitted to the local finance board for its consideration. The local finance board, in considering any proposal or ordinance submitted to it and before endorsing its consent thereon, may require the board of education of any school district or the governing body of any municipality in such school district to adopt resolutions restricting or limiting any future proceedings with respect to the authorization of bonds or other matters deemed by the local finance board to affect any estimate made or to be made by it in accordance with subsection b. hereof. Every resolution so adopted shall constitute a valid and binding obligation of such school district or municipality running to and enforceable by, and releasable by, the local finance board. b. Within 60 days after the submission to it of the resolution and proposal or ordinance, the local finance board shall cause its consent to be endorsed upon the proposal or ordinance authorizing such qualified bonds, if it shall be satisfied, and shall record by resolution, that the amounts to be expended for the education facilities to be financed pursuant to such proposal or ordinance are not unreasonable or exorbitant, and that issuance of the qualified bonds, to be authorized by such proposal or ordinance, will not materially impair the credit of any municipality comprised within the district or substantially reduce its ability, during the ensuing 10 years, to pay punctually the principal and interest on its debts while at the same time supplying essential public improvements and services. If the local finance board is not so satisfied it shall cause its disapproval to be endorsed on such copy within said period of 60 days. L.1976, c. 39, s. 4, eff. June 28, 1976.
NJ Rev Stat § 18A:24-90 (2021)
2021 New Jersey Revised Statutes|Title 18A - Education|Section 18A:24-90 - Revision of maturity schedule approved by local finance board; application; approval; endorsement

18A:24-90. Revision of maturity schedule approved by local finance board; application; approval; endorsement  If the board of education of a school district or governing body of a municipality shall determine by resolution that a maturity schedule for its qualified bonds, other than the maturity schedule approved by the local finance board pursuant to section 4 is in the best interest of said school district, it may make application to the local finance board setting forth such belief and the grounds therefor and requesting approval of a schedule of maturities for such qualified bonds set forth in the application. Within 60 days after submission to the local finance board of an application, the local finance board shall cause its approval to be endorsed thereon if it shall be satisfied, and shall record by resolution its findings, that the belief set forth in such application is well founded and that issuance of the bonds pursuant to the revised maturity schedule in such application would not materially impair the credit of any municipality comprised within the school district or substantially reduce its ability, during the ensuing 10 years, to pay punctually the principal and interest of its debts and supply essential public improvements and services. If the local finance board is not so satisfied, it shall cause its disapproval to be endorsed on such copy within said period of 60 days. L.1976, c. 39, s. 5, eff. June 28, 1976.