New Jersey Statutes 18A:13-68. Amount indebtedness bears to replacement cost
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Terms Used In New Jersey Statutes 18A:13-68
- Board: means the board of education. See New Jersey Statutes 18A:1-1
- Commissioner: means the Commissioner of Education. See New Jersey Statutes 18A:1-1
- County superintendent: means the County Superintendent of Schools. See New Jersey Statutes 18A:1-1
- District: means a school district. See New Jersey Statutes 18A:1-1
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
The county superintendent shall calculate the amount of indebtedness to be assumed on the basis of the proportion which the replacement cost of the buildings, grounds, furnishings, equipment, and additions thereto of the all purpose regional district situated in the withdrawing municipality bears to the replacement cost of the buildings, grounds, furnishings, equipment and additions thereto situated in the entire all purpose regional district. The replacement cost shall be determined according to rules prescribed by the Commissioner of Education with the approval of the State board and in accordance with recognized accounting practices.
L.1989,c.90,s.3.