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 requires New Jersey school districts to obtain approval from the Commissioner of Education and the Local Finance Board for any lease of school buildings exceeding 20 years. It authorizes districts to enter into 20-year lease purchase agreements for school building improvements or additions, provided the agreement fits within the district's tax levy growth limit and won't require additional voter approval for existing programs. The lease payments must be included in the annual budget, and the bill clarifies that such agreements will be treated as district property for tax purposes. It directly affects all public school districts in New Jersey seeking long-term building leases or improvements.