Township Council Meeting — Packet

COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF N.J.S.A. 18A: 24-17 N.J.S.A. 18A:24-19 (Lines 1 to 7) 1 2 3 4 5 6 7 Average of equalized valuations (page 1, line 3) Gross School District Debt outstanding and authorized but not issued (not including proposed issue) Less: Sinking funds held for payment of School Debt, by Sinking Fund Commission Net debt for school purposes (line 2, minus line 3) Debt deduction for school purposes’ % (as per line below) (a) 2½% Kindergarten or Grade 1 through Grade 6 (b) 3 % Kindergarten or Grade 1 through Grade 8 (c) 3½% Kindergarten or Grade 1 through Grade 9 (d) 4 % Kindergarten or Grade 1 through Grade 12 Available debt deduction (excess, if any, of line 5 over line 4) School Bonds about to be authorized Note: Omit lines 8 to 13, if line 6 equals or exceeds line 7. or if shown on line 17 $7,706,348,202.33 % $ $ $0.00 $ $0.00 $ N.J.S.A. 18A:24-22 (Lines 8 to 13) 8 9 10 11 12 13 Excess of line 7 over line 6 Municipal Debt Limit (3½% of line 1 above) Net Debt Available Municipal Borrowing Margin (excess, if any, of line 9 over line 10) Use of Municipal Borrowing Margin (line 8 not exceeding line 11) Remaining Municipal Borrowing Margin after authorization of proposed School Bonds (line 11 minus line 12) Note: Omit lines 14 to 16, if line 11 equals or exceeds line 8, or if shown on line 17 $0.00 $269,722,187.08 $166,479,101.96 $103,243,085.12 $0.00 $103,243,085.12 N.J.S.A. 18A:24-24 (lines 14 to 16) 14 15 Amount of line 7 Amount of Deduction: 16 Excess of line 14 over line 15 Page 3 of 5 (a) Amount of line 6 (b) Amount of line 11 Total $ $0.00 $103,243,085.12 $103,243,085.12 $0.00