18A:13-32 - Application of proceeds of sale of property - New Jersey Statutes

18A:13-32.  Application of proceeds of sale of property
    The board of education of each constituent district from which any purchase  of real property is made pursuant to section 18A:13-31 may expend all or any  part of the proceeds of any such sale together with any interest thereon for  any purpose for which bonds might be issued by such district if the board shall  first have been authorized to make such expenditure in the same manner as  authority is given in the case of issuance of bonds of the district and all or  any part of the proceeds of such sale not so expended shall be applied to the  payment of the principal of any outstanding bonds or notes of the district and  pending said application shall be invested in war savings bonds or other  obligations of the United States of America pursuant to law and the income  received from such investments shall be applied to the payment of interest upon  said outstanding bonds or notes as it shall become due and payable and if any  surplus of such proceeds remains after the payment of the principal and  interest payable upon said outstanding bonds or notes, the same, or if there be  then no outstanding bonds or notes, the entire proceeds shall be paid into the  capital account of the local school district.
 
L.1967, c.271.