18A:8-3.2 - Repayment of indebtedness paid by original district notwithstanding its assumption - New Jersey Statutes

18A:8-3.2.  Repayment of indebtedness paid by original district notwithstanding its assumption
    When the board of education of a school district situated in any municipality pays any portion of an indebtedness which existed at the time of the formation of a new municipality or part thereof, or at the time of the annexation of such municipality to another and which was assumed by and became the obligation of the board of education of the school district situated in the  new municipality, the amount of such payment with interest shall be repaid by  the last mentioned board.
 
L.1967, c.271