New Jersey Statutes 18A:7A-46.6. Debt service part of municipal budget
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Terms Used In New Jersey Statutes 18A:7A-46.6
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- District: means a school district. See New Jersey Statutes 18A:1-1
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
6. The debt service on bonds, notes and other obligations authorized pursuant to P.L.1991, c.139 (C. 18A:7A-46.1 et seq.) shall be appropriated and made part of the municipal budget and raised through the annual municipal tax levy. However, all debt service payments shall be included in the budget of the school district under full State intervention as the sum necessary for interest and debt redemption charges and shall be eligible for State education aid in the year in which the appropriation and expenditure are made.
L.1991,c.139,s.6; amended 2005, c.235, s.25.