N.J. Stat. § 18A:24-59: Disposition of funds for payment of principal and interest on obligations.

All moneys received for payment of principal and interest of obligations of a type II school district payable in any year shall be paid to the secretary or treasurer of school moneys of the district, as appropriate, who shall deposit them in such bank as shall be determined by resolution by the board, in order to provide for the payment thereof.

amended 1981, c.174, s.17; 2010, c.39, s.23.