Expands permitted investments of school district and local unit funds.

This bill expands the types of investments school districts in New Jersey can make with their funds. It adds new permitted options like corporate debt obligations (rated "A" or equivalent), bankers' acceptances, and commercial paper (up to 270 days), while keeping existing limits on maturity dates (e.g., 397 days for some investments). School districts must follow new safeguards, including third-party custodial agreements and rating requirements for certain investments. The changes apply directly to all New Jersey school districts managing local funds.