New Jersey Statutes 18A:8-7. Amount of indebtedness to be assumed by proposed new district
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Terms Used In New Jersey Statutes 18A:8-7
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- 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
- 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
The amount of indebtedness so to be assumed shall be calculated on the basis of the proportion which the original cost of the buildings, grounds, furnishings, equipment, and additions thereto, situate in the proposed new district, bears to the original cost of the buildings, grounds, furnishings, equipment and additions thereto, situated in the original district. Said original cost shall be determined according to rules prescribed by the commissioner with the approval of the state board and in accordance with recognized accounting practices.
L.1967, c.271.