Signed by Governor Phil Murphy

Vote Smart's Synopsis:

Vote to pass a bill that amends certain sections of law concerning financing mechanisms for school facilities projects of regular operating districts in New Jersey.

Highlights:

• Amends certain sections of law concerning financing mechanisms for school facilities projects of regular operating districts in New Jersey (Sec. 5).

• Authorizes a county improvement authority to lease the school facilities project to the county (Sec. 5).

• Repeals the requirement that the lease of a school facilities project from a county to a district be for nominal consideration (Sec. 5).

• Rescinds language that prohibits a county from requiring a district to bear any portion of the debt service costs for bonds issued by a county improvement authority to fund a school facilities project (Sec. 5).

• Requires that district lease payments pursuant to the bill be sufficient to pay all debt service on county improvement authority bonds that remain after the application of State debt service aid (Sec. 5).

• Specifies that school district lease payments to a county for a school facilities project are not subject to any cap on appropriations or spending or to any tax levy cap (Sec. 5).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends certain sections of law concerning financing mechanisms for school facilities projects of regular operating districts in New Jersey.

Highlights:

• Amends certain sections of law concerning financing mechanisms for school facilities projects of regular operating districts in New Jersey (Sec. 5).

• Authorizes a county improvement authority to lease the school facilities project to the county (Sec. 5).

• Repeals the requirement that the lease of a school facilities project from a county to a district be for nominal consideration (Sec. 5).

• Rescinds language that prohibits a county from requiring a district to bear any portion of the debt service costs for bonds issued by a county improvement authority to fund a school facilities project (Sec. 5).

• Requires that district lease payments pursuant to the bill be sufficient to pay all debt service on county improvement authority bonds that remain after the application of State debt service aid (Sec. 5).

• Specifies that school district lease payments to a county for a school facilities project are not subject to any cap on appropriations or spending or to any tax levy cap (Sec. 5).

Full Bill Text