N.J. Stat. § App.A:4-67
Any such refunding bonds may be sold in such manner as may be determined by resolution, at public or private sale before or after public offering, or may be exchanged before or after public offering for any outstanding obligations to be funded or refunded thereby upon authorization by resolution adopted by vote of two-thirds of the members of the board of education, at such price or prices, computed in the manner or mode of procedure described by "Acme Tables of Bond Value" (published by Financial Publishing Company, Boston, Massachusetts), as will yield to the purchasers or the holders of the obligations surrendered in exchange, income at a rate not exceeding six per centum (6%) per annum to the maturity dates of the several bonds so sold or exchanged on the money paid or the principal amount of the obligations surrendered therefor to the school district. Refunding bonds of any authorized issue or of any authorized maturity may be sold or exchanged as hereinabove provided from time to time and in such blocks as may be deemed advisable. The officer delivering any refunding bonds in exchange for outstanding obligations shall report the amounts and numbers of the refunding bonds so delivered and the outstanding obligations so received, and the report shall be entered in the minutes of the board of education and a copy of such report shall be filed within five days with the State Department of Local Government.
N.J.S. § App.A:4-67