Permits school districts to receive loans from State to support operating budget under certain circumstances.

This bill creates a state loan program to help New Jersey school districts facing significant operating budget shortfalls. School districts with shortfalls that would force cuts to nonmandatory programs - such as advanced placement courses, sports teams, music programs, and kindergarten - may apply for state loans through a new "School District Budget Relief Loan Account." To qualify, districts must demonstrate they spent below state adequacy levels in the prior year, increased property taxes by at least 2% annually for five years, and cannot resolve the shortfall through program cuts or tax hikes. The bill also allows districts to delay budget submission deadlines and public hearings until a loan decision is made.