New Jersey Statutes 18A:24-41. Deposit by bidders
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Terms Used In New Jersey Statutes 18A:24-41
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Department: means the State Department of Education. See New Jersey Statutes 18A:1-1
- 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
18A:24-41. a. The notice of sale shall require all bidders to deposit a certified or cashier’s or treasurer’s check for 2% of the amount of bonds, drawn upon a bank or trust company for said amount, partially to secure the school district from any loss resulting from the failure of the bidder to comply with the terms of his bid, or as liquidated damages for such failure.
b. The State Board of Education, in consultation with the Local Finance Board in the Department of Community Affairs, may adopt rules and regulations in accordance with the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.), to permit school districts to accept a financial surety bond in lieu of a certified, cashier’s or treasurer’s check as required in subsection a. of this section.
L.1967, c.271; amended 2003, c.264, s.5.