Bill > A4501

This bill authorizes certain boards of education, specifically Type II school districts without a board of school estimate, to issue bonds without voter approval to finance the repair of school facilities and other furnishings and equipment that were damaged due to a natural disaster. This includes districts under full or partial State intervention, but excludes SDA districts. The issuance of bonds must be approved by the board of education or State district superintendent and then submitted to the Commissioner of Education for approval. The principal and interest on these bonds will be repaid using the school district's own funds, and the bond limitations under existing law may be exceeded if the Commissioner determines the borrowing is necessary to provide a thorough and efficient education and to address the emergency caused by the natural disaster.

Education, Government Affairs

https://www.njleg.state.nj.us/bill-search/2022/A4501