52:27-56 - Additional indebtedness and expenditures; assent of commission necessary - New Jersey Statutes

52:27-56.  Additional indebtedness and expenditures;  assent of commission necessary
    In order to conserve the financial resources of the school district, neither  the legal voters nor the board of education thereof, without the assent in  writing of the commission, shall issue or authorize the issuance of notes or  bonds of any kind or character, or create any obligation or indebtedness of the  school district, except pursuant to section 18:7-60 of the title Education.   Nor shall any action taken by the legal voters of the school district be  effective in so far as it purports to raise by tax in any year any sum or sums  for any purpose or purposes, except to provide for the payment of the interest  on or principal of any debt or obligation of such school district or for the  setting aside of necessary reserve or sinking funds therefor, in excess of the  sum or sums voted to be raised by tax for like purposes in the preceding year  without like assent of the commission.