The bill amends Section 3 of P.L.2000, c.72 to enable School Development Authority (SDA) districts to receive State debt service aid for eligible costs associated with specific school facilities projects. It introduces new legal language that clarifies the inclusion of SDA districts in financing these projects and defines key terms such as "final eligible costs," "debt service," and "state debt service aid." Additionally, the bill streamlines the legal framework by removing references to outdated sections of previous laws, thereby enhancing funding opportunities for school facilities and supporting the construction and improvement of educational infrastructure in SDA districts.

Furthermore, the bill allows SDA districts to undertake and finance their own school facilities projects, rather than relying solely on the development authority. It establishes a process for determining eligible costs and emphasizes compliance with construction management standards. The bill also modifies the distribution of State debt service aid, ensuring that both SDA and non-SDA districts can access aid based on a formula that considers their debt service and aid percentage. It mandates the development authority to create a Statewide strategic plan for sequencing school facilities projects, ensuring systematic planning that addresses the needs of the districts while promoting energy efficiency in project design.

Statutes affected:
Introduced: 18A:7G-3, 18A:7G-5, 18A:7G-9