1. Notwithstanding the provisions of any law, rule or regulation to the contrary, a district which receives approval to withdraw from a limited purpose regional school district that has grades 7 through 12 and is located in a county of the second class with a population of at least 500,000, but not greater than 600,000, according to the 1990 federal decennial census shall pay to the regional district an amount which represents the equity interest of the withdrawing district in the buildings, furnishings and property to which the district will take title upon withdrawal , and that amount shall be used by the regional district only for the purposes for which bonds may be issued under N.J.S. 18A:24-5 The withdrawing district may issue bonds for that amount, or any portion of that amount, pursuant to chapter 24 of Title 18A of the New Jersey Statutes ; provided however, that the total principal amount of any such debt issued shall not exceed $8,000,000.

The withdrawing district shall provide the Commissioner of the Department of Education with a detailed statement of the costs of issuance of any such bonds, within thirty days of the issuance thereof, with specific reference, where applicable, to itemized costs for the following services:

(1) bond counsel, tax counsel and special counsel;

(2) financial advisor;

(3) paying agent and registrar;

(4) rating agencies;

(5) official statement printing;

(6) bond printing;

(7) trustee;

(8) credit enhancement;

(9) liquidity facility; and

(10) miscellaneous issuance costs; and

calculation of underwriters’ spread, broken down into the following components, and accompanied by a list of underwriters’ spreads from recent comparable bond issues:

(1) management fees;

(2) underwriters’ fees;

(3) selling concessions;

(4) underwriters’ counsel; and

(5) other costs.

L.1994,c.96,s.1.