This bill amends N.J.S.18A:20-4.2 to require that any lease agreements for school buildings exceeding 15 years must receive approval from either the voters of the school district or the board of school estimate, as appropriate. The bill mandates that the question presented to voters must include details such as the term of the lease, the annual lease payments, and the projected impact of these payments on the school district's annual general fund tax levy. Additionally, it stipulates that a statement must be included with the question indicating that the school building will not be owned by the school district at the end of the lease term.

Furthermore, the bill retains the existing requirement that any lease exceeding five years must also be approved by the Commissioner of Education and the Local Finance Board in the Department of Community Affairs. This new requirement for voter or board approval for longer leases is intended to enhance transparency and accountability in the leasing process for school buildings, ensuring that stakeholders are informed and have a say in significant financial commitments made by the school district.