18A:58-33.18 - Payment of moneys on behalf of school districts to paying agent

18A:58-33.18.  Payment of moneys on behalf of school districts to paying agent
    All amounts of additional State school building aid to be paid under the provisions of this act with respect to any school district for debt service (principal and interest) on bonds or notes entitled to the benefits of this act  shall, on or before the date for such payment of interest and principal, be  paid on behalf of the school district or municipality issuing such bonds or  notes to the paying agent or paying agents for such bonds or notes in amount  with respect to such date as reflects the amount of principal or interest,  respectively, payable as to such date by reason of such additional State school  building aid hereunder payable with respect to such school district.  Amounts  so paid to such paying agent or paying agents shall be applied to the payment  of debt service (principal and interest) on such bonds or notes and for no  other purpose.

     L.1971, c. 10, s. 13, eff. Jan. 21, 1971.  Amended by L.1971, c. 46, s. 3, eff. March 12, 1971.