N.J. Stat. § App.A:4-48: State apportionment paid in scrip to school districts; exception

2. The county treasurer shall pay to the custodians of the several school districts upon the warrants of the county superintendent of schools the amounts of the state apportionment then due such districts in the scrip or other obligations of the municipality making payment, except that those school districts making payment in scrip which receive greater amounts than are due from the coextensive municipalities shall be paid such excess in county scrip if there be such issued, in lieu of and secured by the amount of municipal scrip of such excess payments.

(L.1933, c. 156, s. 2, p. 323. Amended by L.1934, c. 42, s. 2, p. 126.)