N.J. Stat. tit. 18A, ch. 21

in effect

N.J. Stat. § 18A:21-1 Capital projects; description

The capital projects which may be undertaken by a board of education, for any lawful purposes, the cost whereof may be provided for from taxes, or by the issuance of bonds, as provided by this chapter, are as follows: 1. The acquisition by purchase or condemnation of lands; 2. The grading, draining and landscaping of lands owned or to be acquired by the board and the improvement thereof in any like manner; 3. The acquisition, construction, reconstruction, remodeling, alteration, enlargement or major repair of buildings; and 4. The purchase of the original furniture, equipment and apparatus, or of major renewals of furniture, equipment and apparatus, for any building used or to be used for such purposes. L.1967, c.271.

N.J. Stat. § 18A:21-2 Authorization; establishment of accounts

18A:21-2. The board of school estimate of any district having such a board and the board of education of any other district may establish a capital reserve account pursuant to this article which may be maintained and used as in this article provided. L.1967, c.271; amended 1990,c.52,s.38.

N.J. Stat. § 18A:21-3 Earnings credited to capital reserve accounts.

18A:21-3. The account shall be established by resolution of the board of school estimate or the board of education, as the case may be, in such form as shall be prescribed by the commissioner, a true copy of which shall be filed with the department. The account shall include the earnings attributable to the investment of the assets of the account. Amended 1990, c.52, s.39; 1993, c.80, s.2; 1996, c.138, s.51; 2007, c.260, s.51.

N.J. Stat. § 18A:21-4 Use of capital reserve accounts.

18A:21-4. A board of education may in any school year draw against its capital reserve account, up to the amount of the balance therein, to the extent that the withdrawal is anticipated as a revenue in the school budget for the then current school year or approved by the commissioner for good cause; provided, that no money drawn from the account may be used for current expenses of the general fund or debt service payments but shall be used exclusively for capital expenses of the general fund or capital projects fund when expressly authorized as part of a referendum, except as provided for in section 2 of P.L.2018, c.90 (C.18A:18A-60). L.1967, c.271; amended 1990, c.52, s.40; 1996, c.138, s.52; 2023, c.311, s.25.

N.J. Stat. § 18A:21-5 Maintenance of capital reserve accounts

18A:21-5. The capital reserve account of each district shall be maintained by the local district, in accordance with procedures to be established by the commissioner. L.1967, c.271; amended 1990,c.52,s.41

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.njleg.state.nj.us/legislative-activity/statutesFetched: 10/17/2026