This bill amends the "Municipal Rehabilitation and Economic Recovery Act" to extend the economic recovery term for qualified municipalities from 15 years to 20 years following the expiration of the chief operating officer's term. The bill defines the "economic recovery term" as the period commencing with the expiration of the chief operating officer's term and terminating 20 years thereafter. Additionally, it specifies that the mayor retains certain powers during this extended period, including the ability to veto actions taken by independent boards or authorities and to issue reports on the municipality's progress toward rehabilitation and economic recovery.

The bill aims to address the ongoing fiscal challenges faced by municipalities like Camden by providing them with additional time and resources to stabilize their economies and improve governance. It also ensures that the financial incentives and oversight measures established under the original act remain in effect until the municipality is no longer eligible for financial assistance. Overall, the legislation seeks to enhance the support available to municipalities in distress, thereby promoting long-term economic revitalization.

Statutes affected:
Introduced: 52:27BBB-3, 52:27BBB-6