New Jersey A4985 requires voter approval for school building leases exceeding 15 years.

New Jersey A4985 mandates that any lease agreements for school buildings lasting more than 15 years must be approved by the voters of the school district or the board of school estimate. The approval process requires the disclosure of the lease term, annual payments, and the projected impact on the district's tax levy. This bill also stipulates that the school district must ensure the lease terms are reviewed and approved by the Commissioner of Education and the Local Finance Board in the Department of Community Affairs before any election can be held.

New Jersey A4985 requires voter approval for school building leases exceeding 15 years.

New Jersey A4985 mandates that any lease agreements for school buildings lasting more than 15 years must be approved by the voters of the school district or the board of school estimate. The approval process requires the disclosure of the lease term, annual payments, and the projected impact on the district's tax levy. This bill also stipulates that the school district must ensure the lease terms are reviewed and approved by the Commissioner of Education and the Local Finance Board in the Department of Community Affairs before any election can be held.