Section 18A:7G-15.1a - School facilities projects, sell bonds, without voter approval, requirementsa. Notwithstanding any provision of law to the contrary, when the board of education of a district determines that it is not financing a school facilities project under section 15 of P.L. 2000, c. 72 (C.18A:7G-15) and that it is necessary to sell bonds to raise money for the total costs of a school facilities project, the board of education may issue such bonds as are necessary to fund the project without the approval of the voters of the district, provided that before issuing the bonds:(1) the board of education has entered into a written contract with one or more municipalities, wherein the municipality shall annually remit to the board of education a portion of the payments in lieu of taxes received by the municipality from one or more designated properties, which portion shall be sufficient for the repayment of the amount of debt service on the school facilities project bonds that remains after the application of any State debt service aid paid on the bonds in accordance with the formula established under section 9 of P.L. 2000, c. 72 (C.18A:7G-9), and the board of education shall pledge all remittances to the repayment of the bonds; and(2) the bond issuance and contract has been approved by the Local Finance Board pursuant to subsection b. of this section and the commissioner pursuant to subsection c. of this section. b. A municipality intending to enter into a contract to pledge a portion of the payments in lieu of taxes received by the municipality from one or more designated properties pursuant to this section shall obtain the approval of the Local Finance Board prior to the adoption of an ordinance or resolution, as applicable, authorizing the municipality to enter into the contract. The board shall be entitled to receive from the applicant an amount sufficient to provide for all reasonable professional and other fees and expenses incurred by it for the review, analysis, and determination with respect thereto. As part of the board's review and approval, the board shall consider whether the proposed contract will adversely impact the financial stability of the municipality.c.(1) If a board of education elects to issue bonds pursuant to this section, the board of education shall apply to the commissioner for approval of the bond issuance. The commissioner shall be entitled to receive from the applicant an amount sufficient to provide for all reasonable professional and other fees and expenses incurred for the review, analysis, and determination with respect thereto. In addition to any other information that the commissioner may deem appropriate, the application shall include: a description of the school facilities project; a certification of the amount to be raised by the bonds; a description of the anticipated annual debt service costs, including the amounts to be supported by municipal remittances; and a copy of the contract. (2) Within 30 days of receiving the application, the commissioner shall approve, conditionally approve, or reject the application. If the application is conditionally approved, the commissioner shall state, in writing, the revisions that shall be made to the contract in order for the application to be approved. If the commissioner does not approve, conditionally approve, or reject the application within 30 days of the date of receipt, the commissioner shall be deemed to have approved the application.d. Any debt service on a bond issued by a school district pursuant to this section shall be eligible for State debt service aid in accordance with the formula established under section 9 of P.L. 2000, c. 72 (C.18A:7G-9).e. The commissioner, in consultation with the Local Finance Board, and the Local Finance Board, in consultation with the commissioner, shall promulgate, pursuant to "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), such rules and regulations as may be necessary to implement the provisions of this section. At a minimum, the rules and regulations shall establish requirements and procedures concerning the process by which municipalities and districts may enter into contracts pursuant to this section.Amended by L. 2024 , c. 79, s. 2, eff. 9/12/2024.Added by L. 2023 , c. 311, s. 7, eff. 1/16/2024.