Requires Commissioner of Education and Local Finance Board approval for certain board of education leases exceeding 20 years; authorizes boards to enter into 20-year lease purchase agreements for improvements or additions to school buildings.

This bill changes New Jersey school district lease rules by extending the required approval threshold for long-term agreements. School boards must now get approval from the Commissioner of Education and Local Finance Board only for leases exceeding 20 years (previously 5 years) and for lease-purchase agreements for building improvements or additions (also extended from 5 to 20 years). The bill maintains existing requirements that lease payments must fit within tax levy limits without needing additional voter or board approval. It directly affects all New Jersey public school districts seeking long-term building leases or lease-purchase agreements for school facilities.