18A:24-62 R.S. 18:7-84
Notes for certain purposes; bonds to redeem notes. Whenever the board of education of a school district has heretofore issued and sold or shall hereafter issue and sell a note or notes for the purpose of purchasing land, the erection of a schoolhouse, the purchase of furniture and equipment for such schoolhouse, the erection of an addition to any schoolhouse, or the repair or improvement of any schoolhouse, and such note or notes are now or shall hereafter be outstanding and unpaid, the board of education may issue bonds for the purpose of redeeming and paying such notes. Such bonds shall be authorized and issued in the same manner as bonds for the erection or improvement of schoolhouses are authorized to be issued in the district.