New Jersey Administrative Code
Title 6A - EDUCATION
Chapter 26 - EDUCATIONAL FACILITIES
Subchapter 10 - LEASE PURCHASE AND LEASE AGREEMENTS
Section 6A:26-10.4 - Contents of lease-purchase agreement
Universal Citation: NJ Admin Code 6A:26-10.4
Current through Register Vol. 56, No. 6, March 18, 2024
(a) Lease-purchase agreements shall contain the following provisions:
1. Payments shall be subject to the annual appropriation of funds sufficient to meet the required payments or shall contain an annual cancellation clause pursuant to 18A:20-4.2(f);
2. All construction contracts let by public school districts, developers, or owners of property used for school purposes shall be competitively bid pursuant 18A:20-4.2(f); and
3. The district board of education may refinance the lease-purchase agreement or purchase the leased premises, by defeasance or otherwise, at any time during the lease period.
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