18A:24-4.1 1967, c. 75
1. Whenever it shall be determined that it is necessary to raise in any school district, additional sums of money, over and above the amount fixed and determined in the annual school budget of the 1967-68 fiscal year for the transportation of children to and from school, when the necessity of such transportation and the cost and method thereof have been approved by the county superintendent of schools of the county in which the district paying the cost of such transportation is situated, the board of education of the district is authorized to borrow in anticipation of the taxes to be raised, levied and collected to provide for said expenditures, such sum or sums as it may determine to be necessary for said purpose, upon its promissory notes bearing interest at a rate or rates not to exceed 6% per annum maturing not later than December 31, 1969.
2. The secretary of the board of education shall certify the amount to be raised to the county board of taxation within 5 days after the date of the borrowing.
3. In the case that such certificate shall be delivered to the county board of taxation on or prior to April 1, 1968, the amount so certified shall be raised, levied and collected by the taxes within that year and in case any such certificate shall be delivered to said board after April 1, 1968, the amount so certified shall be raised, levied and collected by taxes in the next year.
4. The amount so raised, levied and collected shall be paid to the custodian of school moneys of the district as other school moneys are paid and shall be used to pay the principal and interest due upon such notes as they mature.
5. The amounts paid for interest upon said notes shall be reimbursed in full by the State to a school district for the fiscal year in which said payment is made and the county superintendent of schools of the county in which the district paying such interest is situated shall upon the receipt of a claim from the school district certify this amount to the Commissioner of Education. Payments shall be made by the State Treasurer to each school district upon certificate of the Commissioner of Education and warrant of the Director of the Division of Budget and Accounting. Said payments shall be made as follows: interest paid prior to June 30, 1968 on August 1, 1968; interest paid from July 1, 1968 to June 30, 1969 on August 1, 1969; and interest paid from July 1, 1969 to December 31, 1969 on February 1, 1970.