18A:58-33.28 - Submission to local finance board;  endorsement of consent or  disapproval

18A:58-33.28.  Submission to local finance board;  endorsement of consent or  disapproval
    a.  A copy of the resolution of the State Board of Education referred to in  subsection a. of section 5 and a copy of the proposal or ordinance referred to  in subsection b. of section 5, bearing the endorsement of the Commissioner of  Education as aforesaid, shall be submitted to the Local Finance Board in the  Department of Community Affairs for its consideration, and the Local Finance  Board in considering such copy of proposal or ordinance submitted to it and  before endorsing its consent thereon may require the county, the board of  education of any school district or the governing body of any municipality in  such school district to adopt resolutions restricting or limiting any future  proceedings therein or other matters or things deemed by the Local Finance  Board to affect any estimate made or to be made by it in accordance with  subsection b. hereof, and every such resolution so adopted shall constitute a  valid and binding obligation of such school district, municipality or county,  as the case may be, running to and enforceable by, and releasable by, the Local  Finance Board.

    b.  Within 60 days after such submission to it, the Local Finance Board shall cause its consent to be endorsed upon such copy of any proposal or ordinance authorizing such bonds, if it shall be satisfied, and shall record by  resolution, its estimates that the amounts to be expended for the education  facilities to be financed pursuant to such proposal or ordinance are not  unreasonable or exorbitant, and that issuance of the bonds, to be authorized by  such proposal ordinance, will not materially impair the credit of the county,  any municipality comprised within the district or substantially reduce its  ability, during the ensuing 10 years, to pay punctually the principal and  interest of its debts and supply essential public improvements and services,  but if the Local Finance Board is not so satisfied it shall cause its  disapproval to be endorsed on such copy within said period of 60 days.

     L.1978, c. 74, s. 7, eff. July 13, 1978.