The bill amends existing legislation regarding school facilities projects in New Jersey, specifically allowing boards of education in non-SDA districts to enter into agreements with county improvement authorities for the construction of school facilities. It permits these boards to issue bonds to finance either the local share of a project or the total costs of a project not financed under a specific section of the law. Additionally, the bill stipulates that the bonds issued for projects not financed under that section will be eligible for State debt service aid. The bill also outlines the leasing arrangements between the county improvement authority, the county, and the school district, ensuring that lease payments are not subject to caps on appropriations or tax levies.

Furthermore, the bill allows 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 bond issuance must be approved by the Local Finance Board and the commissioner, who will review the financial implications of the proposed contracts. The bill also mandates that any debt service on bonds issued under this provision will be eligible for State debt service aid, and it requires the establishment 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