New Jersey Statutes 18A:7G-10. Issuance of school bonds, certificates of participation, determination of aid
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 18A:7G-10
- Commissioner: means the Commissioner of Education. See New Jersey Statutes 18A:1-1
- District: means a school district. See New Jersey Statutes 18A:1-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
10. For each issuance of school bonds or certificates of participation issued for a school facilities project approved by the commissioner prior to the effective date of P.L.2000, c.72 (C. 18A:7G-1 et al.):
Aid is the sum of A
where
A = B x EQAID/AB
and where
B is the district‘s total debt service or lease purchase payment for the individual issuance for the fiscal year;
EQAID is the district’s equalization aid amount determined pursuant to section 11 of P.L.2007, c.260 (C. 18A:7G-53); and
AB is the district’s adequacy budget determined pursuant to section 9 of P.L.2007, c.260 (C. 18A:7F-51).
For county special services school districts, EQAID/AB shall be that of the county vocational school district in the same county.
L.2000, c.72, s.10; amended 2007, c.260, s.43.