This bill amends the "Municipal Rehabilitation and Economic Recovery Act" (MRERA) 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 also clarifies that the period of rehabilitation and economic recovery will now coincide with this extended timeframe. This change aims to provide additional time and support for municipalities, particularly those facing significant fiscal distress, such as the City of Camden, to achieve financial stability and economic revitalization.

In addition to extending the economic recovery term, the bill outlines the powers and responsibilities of the mayor during this period, including the ability to veto actions taken by independent boards and authorities, as well as the authority to issue progress reports on the municipality's recovery efforts. The bill emphasizes the importance of continued oversight and support for municipalities in distress, ensuring that they have the necessary tools and time to recover effectively.

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