School Bond Law and Legal Definition
School bond is a bond issued by a city or school district to fund school construction.
"School bonds" means, in the case of a school facilities project which is to be constructed by the development authority, a redevelopment entity, or a district under section 15 of P.L.2000, c.72 (C.18A:7G-15), bonds, notes or other obligations issued by a district to finance the local share; and, in the case of a school facilities project which is not to be constructed by the development authority or a redevelopment entity, or financed under section 15 of P.L.2000, c.72 (C.18A:7G-15), bonds, notes or other obligations issued by a district to finance the total costs. [N.J. Stat. § 18A:7G-3].
The following is an example of a state statute (New Jersey) defining the term:
"School bonds" means promissory notes and bonds authorized for school purposes, whether issued or unissued, for the payment of the principal and interest of which, a municipality or district is liable. [N.J. Stat. § 18A:24-1].
