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.

This bill (S 199) requires New Jersey school districts to obtain approval from the Commissioner of Education and the Local Finance Board for any lease of school buildings exceeding 20 years. It allows districts to enter into 20-year lease purchase agreements for school building improvements or additions, but mandates commissioner approval if the agreement affects tax levy limits. The key provision replaces a previous 5-year limit with a 20-year cap for lease purchase agreements and requires districts to demonstrate that payments won’t exceed tax levy growth limits without needing additional voter approval. This directly affects all New Jersey public school districts managing long-term facility leases.