This bill amends current law regarding the leasing and lease purchase agreements by boards of education in New Jersey. Specifically, it requires the approval of the Commissioner of Education and the Local Finance Board for leases exceeding 20 years, as opposed to the previous limit of five years. Additionally, the bill allows boards of education to enter into lease purchase agreements for improvements or additions to school buildings for a duration of up to 20 years, also an increase from the previous five-year limit.

The bill maintains existing statutory requirements for these agreements, ensuring that lease purchase payments and related operating expenses can be included within the district's tax levy growth limitation. If the Commissioner cannot approve the agreement, the board may seek voter or board of school estimate approval. Overall, this legislation aims to provide boards of education with greater flexibility in managing long-term leases and financing improvements to school facilities while ensuring oversight and compliance with financial regulations.