18A:8-24 - Division of assets and liabilities of original district

18A:8-24.  Division of assets and liabilities of original district
    The county superintendent in a written report filed by him at the end of the  school year preceding that in which the new district is created shall make a  division of the assets, except school buildings, grounds, furnishings and  equipment, and of the liabilities, other than the bonded indebtedness of the  original district, between the new district and the remaining district on the  basis of the amount of the ratables in the respective districts on which the  last school tax was levied, and in determining the amount of assets to be divided, he shall take into account the present value of the school books, supplies, fuel, motor vehicles and all personal property other than furnishings  and equipment.  In the case of any vehicle used for the transportation of  school children, the original cost of the vehicle, less any state aid  appropriated therefor, shall be deemed to be the present value.
 
L.1967, c.271.