New Jersey A3960 extends the lease term for school district buildings and lease purchase agreements for improvements to 20 years.
New Jersey A3960 amends existing law to allow school boards to enter into 20-year lease purchase agreements for improvements or additions to school buildings. Previously, these agreements were limited to five years. The bill also extends the lease term for school district buildings from five years to 20 years, requiring approval from the Commissioner of Education and the Local Finance Board only when the lease exceeds 20 years. Other statutory requirements for these agreements remain unchanged.
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