A 3960
Requires Commissioner of Education and Local Finance Board approval for certain board of education leases exceeding 20 years; authorizes boards to enter into 20-year lease purchase agreements for improvements or additions to school buildings.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies New Jersey law regarding public school district leases and lease purchase agreements. It requires the Commissioner of Education and the Local Finance Board to approve leases exceeding 20 years and expands the permissible term for lease purchase agreements used for school building improvements or additions to 20 years. The bill aims to provide greater flexibility for school districts while ensuring fiscal responsibility and alignment with tax levy limitations.
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