New Jersey Statutes Title 18A. Education 18A § 24-92

Any school district or municipality which has authorized qualified bonds may issue temporary notes or loan bonds (hereinafter “notes”) in anticipation of the issuance of permanent qualified bonds to the extent permitted by the provisions of Title 18A or any other applicable laws, subject to such additional terms or conditions with respect to such notes as may be fixed or required by the commissioner to insure that funds are borrowed only as needed to meet required payments for construction, reconstruction, development, extension, improvement, or acquisition of the educational facilities to be financed by the issuance of permanent qualified bonds.