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 aims to provide additional time for municipalities, particularly those facing significant fiscal distress like Camden, to stabilize their finances and revitalize their economies. The amendments include changes to the definitions of "economic recovery term" and "rehabilitation term," ensuring that the extended period aligns with the new 20-year timeline.

In addition to extending the economic recovery term, the bill maintains the special governing procedures and economic benefits that come with the Municipal Rehabilitation and Economic Recovery Act. It also emphasizes the importance of oversight during this extended period, allowing the mayor to retain certain powers and responsibilities, including the ability to veto actions taken by independent boards and authorities. The bill is designed to support municipalities in their efforts to achieve fiscal stability and economic revitalization, reflecting the ongoing challenges they face.

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