This bill amends specific sections of the New Jersey law regarding municipal rehabilitation and economic recovery, particularly focusing on the definitions and terms associated with the roles and responsibilities of municipal officials during the rehabilitation process. Key definitions are clarified, including the roles of the "Chief operating officer," "Mayor," and "Project," which encompasses a wide range of activities aimed at promoting economic development and employment within qualified municipalities. The bill also establishes the "economic recovery term," which lasts for 20 years following the chief operating officer's term, during which the mayor retains certain powers, including the ability to veto actions taken by independent boards and authorities.

Additionally, the bill outlines the responsibilities of the mayor during the economic recovery term, including the issuance of progress reports and the preparation of a capital improvement program. It specifies that the financial review board overseeing the municipality will cease to function upon the chief operating officer's appointment, and it forgives certain outstanding debts incurred by qualified municipalities. The bill ensures that existing memorandums of understanding related to fiscal recovery remain in effect, and it mandates compliance audits by the Director of the Division of Local Government Services to ensure adherence to state laws. The act is set to take effect immediately upon approval.

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