18A:13-77 - Title to school grounds, etc.; assumption of indebtedness - New Jersey Statutes

18A:13-77.   Title to school grounds, etc.; assumption of indebtedness
     The new district and the all purpose regional district shall take title to and control of all school grounds and buildings, and the furnishings and equipment therein, other than those which had been rotated or shared among the regional schools, situated in their respective districts on the effective date of withdrawal as established by the commissioner.  The county superintendent shall allot a fair proportion of the shared or rotated furnishings and equipment to the new district.

    Upon the assumption of title, each board shall also assume the amount of the indebtedness of the original all purpose regional district as determined by the board of review.  The new district shall pay to the regional board of education, at least five days before it becomes due, the amount of the principal and interest of the assumed indebtedness.  The principal and interest shall be paid by the regional board, together with the amount due on its assumed indebtedness, as and when it becomes due and payable.

    L.1989,c.90,s.12.