The bill amends N.J.S.18A:18A-42 to regulate the awarding of multiyear contracts by boards of education in New Jersey, establishing a general limit of 24 consecutive months for contracts related to goods and services. However, it allows for exceptions for specific services, including fuel supply, snow removal, garbage disposal, data processing, and leasing of vehicles and equipment. Notably, contracts for leasing electric school buses can extend up to the vehicle's service life, and contracts for the production of class I renewable energy may last up to 15 years. The bill also outlines guidelines for contract extensions.

Additionally, the bill modifies N.J.S.18A:20-4.2 to expand the powers of school boards in managing real property, enabling them to purchase, lease, and construct buildings for educational purposes. It introduces provisions for lease purchase agreements, ensuring they comply with budgetary constraints and regulatory requirements, and mandates that these agreements include clauses for annual appropriations and competitive bidding. Furthermore, the bill authorizes the "New Jersey School Boards Association" to act as a government aggregator for electric and gas services, including electric school buses, and establishes a framework for interim standards for energy aggregation programs. 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