This bill amends the Municipal Stabilization and Recovery Act to extend the provisions for municipalities deemed in need of stabilization and recovery for an additional five years. Key changes include the requirement for the commissioner to make a final determination within seven days of receiving a recommendation from the director regarding a municipality's status. The duration of a municipality's designation as in need of stabilization and recovery is also extended to the first day of the 169th month following the initial determination, rather than the previous 109th month.

Additionally, the bill modifies the timeline for municipalities to adopt a recovery plan, changing it from a nine-year to a fourteen-year plan. It also stipulates that the director must provide a final report to the Governor and Legislature by the 15th year following the determination of a municipality's need for stabilization and recovery. These amendments aim to enhance oversight and ensure that municipalities have adequate time and resources to achieve financial stability.

Statutes affected:
Introduced: 52:27BBBB-4, 52:27BBBB-15