N.J. Admin. Code § 6A:23A-8.6

Current through Register Vol. 56, No. 18, September 16, 2024

Section 6A:23A-8.6 - Appropriation of unrestricted debt service fund balance; exception

(a) A district board of education shall appropriate annually all unrestricted debt service fund balances in the budget certified for taxes unless expressly authorized and documented by the voters in a bond referendum, after transfer of unexpended bond proceeds pursuant to N.J.A.C. 6A:26-4.6(c), upon formal Commissioner approval after review of documented authorization by the voters in a public meeting.

(b) A district board of education shall include in the bond referendum or documented authorization pursuant to (a) above, the specific purpose for maintaining the unrestricted debt service fund balance and duration that the unrestricted debt service fund balance will be maintained.

Amended by 49 N.J.R. 1038(a), effective 5/1/2017