The bill amends existing legislation to allow boards of education in non-SDA districts to enter into agreements with county improvement authorities for the construction of school facilities projects. It enables these boards to issue bonds to finance either the local share of projects or the total costs of projects not financed under a specific section of the law. The bonds issued by the county improvement authority for these projects will be eligible for State debt service aid, and the bill outlines the procedures for leasing land and facilities to the authority, as well as the obligations for lease payments that are not subject to appropriation caps.

Additionally, the bill permits boards of education to issue bonds for school facilities projects without voter approval, provided they enter into a contract with municipalities for remittances from payments in lieu of taxes. The issuance of these bonds must be approved by the Local Finance Board and the commissioner, and the bill establishes a framework for the approval process, including the necessary documentation and timelines. The debt service on these bonds will also qualify for State debt service aid, and the bill mandates the development of rules and regulations to facilitate the implementation of these provisions.

Statutes affected:
Introduced: 18A:7G-5, 18A:7G-15.1
Advance Law: 18A:7G-5, 18A:7G-15.1
Pamphlet Law: 18A:7G-5, 18A:7G-15.1