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NJ A4533
Bill
Status
Passed
9/12/2024
Primary Sponsor
Craig Coughlin
Click for details
AI Summary
- Allows school district boards of education (excluding SDA districts) to partner with county improvement authorities to construct school facilities projects and issue bonds for financing, with bonds eligible for State debt service aid
- County improvement authorities must follow public bidding procedures under the Public School Contracts Law when constructing school facilities projects
- Permits county improvement authorities to lease completed school facilities projects to the county, which then leases to the district, with lease payments exempt from appropriation caps and tax levy caps
- Enables school boards to issue bonds for school facilities projects without voter approval when municipalities agree to remit a portion of payments in lieu of taxes (PILOT) to cover debt service not covered by State aid
- Requires Local Finance Board approval for municipal PILOT contracts and Commissioner of Education approval for bond issuances, with the Commissioner having 30 days to approve, conditionally approve, or reject applications
Legislative Description
Revises certain sections of law concerning financing mechanisms for school facilities projects of regular operating districts.
Bills and Joint Resolutions Signed by the Governor
Last Action
Approved P.L.2024, c.79.
9/12/2024
Committee Referrals
Appropriations6/24/2024
Education6/6/2024
Full Bill Text
No bill text available