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.

New Jersey's S 4417 requires school districts to obtain approval from the Commissioner of Education and Local Finance Board for leases of school buildings exceeding 20 years. It extends the maximum term for lease purchase agreements (for building improvements or additions) from five to 20 years, while maintaining existing requirements that lease payments must fit within school districts' tax levy limits without needing additional voter approval. The bill directly affects all public school districts in New Jersey when negotiating long-term leases or financing building projects. This change simplifies the approval process for longer-term agreements while preserving fiscal oversight protections.