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, with conditions on duration and price adjustments.

Moreover, the bill modifies N.J.S.18A:20-4.2 to allow school boards to enter into lease purchase agreements for improvements to school buildings for up to five years, including provisions for acquiring fossil fuel and electric school buses. It mandates that these agreements include clauses for annual appropriations and competitive bidding for construction contracts. The New Jersey School Boards Association is authorized to act as a government aggregator for electric and gas services, facilitating procurement for its members. The bill also establishes a framework for interim standards for energy aggregation programs, effective immediately upon filing, 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, granted on July 10, 2024.

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