N.J. Admin. Code § 6A:26-10.4 - Contents of lease-purchase agreement

(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 N.J.S.A. 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 N.J.S.A. 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.

Notes

N.J. Admin. Code § 6A:26-10.4

Amended by R.2007 d.81, effective 3/19/2007.
See: 38 N.J.R. 4533(a), 39 N.J.R. 899(a).
In (a)2, inserted "school" preceding "districts".
Amended by R.2013 d.145, effective 12/16/2013.
See: 45 N.J.R. 1026(a), 45 N.J.R. 2557(a).
Section was "Contents of lease purchase agreement of five years or less". In the introductory paragraph of (a), substituted "Lease-purchase agreements" for "Lease purchase agreements of five years or less"; in (a)2, substituted ", developers," for "or let by developers"; and in (a)3, deleted "at its sole discretion" following "education", substituted "lease-purchase" for "lease purchase" and "lease" for "leased".