ASSEMBLY, No. 3790 STATE OF NEW JERSEY 221st LEGISLATURE INTRODUCED FEBRUARY 22, 2024
ASSEMBLY, No. 3790
STATE OF NEW JERSEY
221st LEGISLATURE
INTRODUCED FEBRUARY 22, 2024
Sponsored by: Assemblyman BENJIE E. WIMBERLY District 35 (Bergen and Passaic) Assemblywoman VERLINA REYNOLDS-JACKSON District 15 (Hunterdon and Mercer) SYNOPSIS Prohibits certain school districts under State intervention from leasing building if purchase price would be less than total costs of lease. CURRENT VERSION OF TEXT As introduced.
Sponsored by:
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
Assemblywoman VERLINA REYNOLDS-JACKSON
District 15 (Hunterdon and Mercer)
SYNOPSIS
Prohibits certain school districts under State intervention from leasing building if purchase price would be less than total costs of lease.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning school districts under State intervention and supplementing chapter 7A of Title 18A of the New Jersey Statutes. Be It Enacted by the Senate and General Assembly of the State of New Jersey: 1. A school district under State intervention which has not successfully met the governance component of school district effectiveness, or the State on behalf of the district, shall not enter into a lease for a building as a lessee, if the total lease cost over the term of the lease would exceed the purchase price of the building. 2. This act shall take effect immediately. STATEMENT This bill prohibits a school district under State intervention which has not had the governance component of school district effectiveness returned to local control, or the State acting on its behalf, from leasing a building as a lessee, if the total costs of the lease exceed the purchase price of the building.
An Act concerning school districts under State intervention and supplementing chapter 7A of Title 18A of the New Jersey Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. A school district under State intervention which has not successfully met the governance component of school district effectiveness, or the State on behalf of the district, shall not enter into a lease for a building as a lessee, if the total lease cost over the term of the lease would exceed the purchase price of the building.
2. This act shall take effect immediately.
STATEMENT
This bill prohibits a school district under State intervention which has not had the governance component of school district effectiveness returned to local control, or the State acting on its behalf, from leasing a building as a lessee, if the total costs of the lease exceed the purchase price of the building.