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NJ S3421
Bill
Status
6/10/2024
Primary Sponsor
Andrew Zwicker
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AI Summary
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Allows county improvement authorities to optionally (rather than mandatorily) lease school facilities projects to counties, and removes the requirement that county-to-district leases be for "nominal consideration"
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Eliminates the prohibition on counties requiring school districts to bear debt service costs for bonds issued by county improvement authorities to fund school facilities projects
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Requires school district lease payments to cover all remaining debt service on county improvement authority bonds after State debt service aid is applied, with these payments exempt from appropriation, spending, and tax levy caps
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Modifies the voter-approval exemption for school facility bonds backed by municipal payments in lieu of taxes (PILOT), requiring municipal remittances to cover only the portion of debt service not supported by State aid
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Clarifies that school facility bonds supported by municipal PILOT remittances are eligible for State debt service aid under the existing formula
Legislative Description
Revises certain sections of law concerning financing mechanisms for school facilities projects of regular operating districts.
Substituted by another Bill
Last Action
Substituted by A4533
6/28/2024