The bill amends N.J.S.18A:18A-42 to enable boards of education to award multiyear contracts for various services and goods, specifically allowing leases for fossil fuel school buses for up to 10 years and electric school buses for a term not exceeding the vehicle's service life. It also introduces provisions for contracts related to class I renewable energy goods or services for a maximum of 15 years, subject to guidelines from the Board of Public Utilities. Additionally, the bill permits extensions of contracts for non-professional services under certain conditions regarding duration and price adjustments.

Moreover, the bill modifies N.J.S.18A:20-4.2 to enhance school boards' authority over real property, allowing them to enter into lease purchase agreements for school building improvements for terms not exceeding five years. It mandates that these agreements include annual appropriations and competitive bidding for construction contracts. The New Jersey School Boards Association is authorized to act as a government aggregator for electric generation and gas supply services, with provisions for electric-related services, including electric school buses. The bill also establishes a framework for interim standards for government energy aggregation programs, effective for a maximum of 18 months, and stipulates that certain provisions cannot be implemented until retail competition begins or interim standards are adopted. The act is set to take effect immediately upon approval.

Statutes affected:
Introduced: 18A:18A-4.1, 48:3-91
Advance Law: 18A:18A-4.1, 48:3-91
Pamphlet Law: 48:3-91