N.J. Stat. § App.A:4-31.11
Notwithstanding the provisions of the act to which this act is a supplement, it shall be lawful for the governing body of any municipality in this State which has refunded its debt in whole or in part under the provisions of the act to which this act is a supplement to postpone the payment of any sum or sums due to a school district from the municipality where said sum was due and payable December thirty-first, one thousand nine hundred and thirty-six, and to allow payment of any sum or sums due to be spread over a period of not more than ten years; provided, the board of education of such school district is willing to accept payment from the municipality in said yearly installments and has adopted, or shall adopt, a resolution consenting thereto. In the event that the board of education of the school district has adopted, or shall adopt, such a resolution and the terms of such resolution shall be accepted by resolution of the governing body, then the sum determined by the board of education in such resolution to be due shall be included in the budgets of the municipality for the years and in such amount as shall be set forth in said resolution, and the total of such amounts shall not be charged against "current account-cash" or considered as a cash liability of the municipality.
N.J.S. § App.A:4-31.11