Bill > S4183

This bill addresses leasing restrictions for school districts under state intervention, specifically prohibiting such districts from entering into a lease agreement for a building if the total lease costs would exceed the building's purchase price. The legislation applies to school districts that have not yet regained local control of their governance, meaning these districts are currently being managed or overseen by state authorities due to past performance or effectiveness issues. Under this proposed law, if a school district in this status (or the state acting on its behalf) wants to lease a building, they must first compare the total anticipated lease costs over the entire lease term to the actual purchase price of the building. If the lease costs would be higher than what it would cost to buy the building outright, the lease would be prohibited. This bill appears designed to prevent potentially wasteful spending and ensure fiscally responsible decision-making in school districts that are already under state supervision. The legislation would take effect immediately upon enactment.

Education

https://www.njleg.state.nj.us/bill-search/2024/S4183