This bill authorizes counties and County Agriculture Development Boards (CADBs) in New Jersey to transfer installment purchase agreements related to farmland preservation to the State Agriculture Development Committee (SADC) with the committee's consent. The transfer can occur before the end of the agreement's term, allowing for collaboration between the county or board and the SADC regarding the issuance of funds necessary to fulfill the agreement's terms. This change aims to streamline the management of farmland preservation agreements and enhance the efficiency of utilizing government funds for such purposes.

Currently, counties and CADBs can enter into installment purchase agreements with landowners for development easements or land acquisition, which can include various payment structures, such as balloon payments or semiannual interest payments. The bill seeks to enable the SADC to manage these agreements on behalf of the counties and CADBs, thereby potentially improving the effectiveness of farmland preservation efforts in New Jersey.