S-4114 would increase the maximum lease in a public-private partnership from 30 years to 40 years. According to the bill statement, the purpose of increasing the term is to make the lease duration consistent with the period of usefulness under the Local Bond Law.
The bill, which would take effect immediately, now awaits consideration by the full Senate.
Contact: Lori Buckelew, Deputy Executive Director & Director of Government Affairs, lbuckelew@njlm.org, 609-695-3481, x112.