In Re the Distribution of Liquid Assets Upon Dissolution of the Union County Regional High School District No. 1

The opinion of the Court was delivered by

STEIN, J.

We granted certification to review a decision of the State Board of Education (State Board) ordering distribution of the liquid assets of the now-dissolved Union County Regional High School District No. 1 (“District”) to each of the District’s six constituent municipalities. The District operated four school buildings and had approximately $3.3 million in liquid assets. Upon dissolution, the District’s school buildings and real estate, valued at approximately $110 million, were deeded to their host municipalities. Petitioner Borough of…