NJ S199

Extends the maximum term for school board lease-purchase agreements for building improvements and additions from 5 years to 20 years, while maintaining existing approval requirements from the Commissioner of Education.

Raises the threshold for Commissioner of Education and Local Finance Board approval of school building leases from 5 years to 20 years for leases with federal, state, or local governments and private entities.

Maintains the 50-year maximum term for general school building leases by boards of education.

Continues requiring that lease-purchase agreements include provisions making payments subject to annual appropriation of funds or contain annual cancellation clauses.

Preserves existing requirements that lease-purchase payments and operating expenses fit within the district's tax levy growth limitation without requiring voter approval of additional spending proposals.