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 any operating expenses related to the lease purchase can be included within the district's tax levy growth limitation and will not necessitate additional spending proposals for maintaining instructional programs. The changes aim to provide boards of education with greater flexibility in managing long-term leases and financing improvements to school facilities while still requiring oversight from state authorities.