18A:22-44.1 - Borrowing by Type II district for current expenses and repairs; payment - New Jersey Statutes

18A:22-44.1.  Borrowing by Type II district for current expenses and repairs;  payment
    The board of education of any Type II district may, after July 1 and before  January 1, borrow a sum not exceeding   1/2   of the amount appropriated for  the current expenses of the schools and for the repair of schoolhouses under  its control, and execute and deliver promissory notes therefor, and pay the  amount so borrowed together with interest thereon, at a rate not exceeding 6%  per annum.

     L.1968, c. 384, s. 1, supplementing art. 3B, c. 22, Title 18A, eff. Dec. 27,  1968.