New Jersey Statutes 18A:20-4.1. Type II districts; acquisition of property without authorization of voters
Current as of: 2023 | Check for updates
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Terms Used In New Jersey Statutes 18A:20-4.1
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- District: means a school district. See New Jersey Statutes 18A:1-1
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
18A:20-4.1 The board of education of any Type II school district may without authority first obtained from the voters of the district:
(a) Rent, on a year-to-year basis, or for a term not to exceed 10 years, in case of emergency, buildings to use for school purposes; and
(b) Take an option not to exceed 1 year in duration, at a cost not to exceed the fair market value of such option, on the purchase of any land which the board could lawfully purchase after securing the consent of the legal voters to the purchase thereof, but such option may be exercised by the board only after authority to purchase the property covered by such option has been given at an annual or special school election.
amended 1968, c.161; 1971, c.300; 2017, c.102, s.2.