This bill extends the provisions of the Municipal Stabilization and Recovery Act for an additional five years, allowing for continued oversight of municipalities deemed in need of stabilization and recovery. Key amendments include a change in the timeline for the commissioner's determination regarding a municipality's status, which now requires a decision within seven days of receiving the director's recommendation. Additionally, the recovery plan that municipalities must adopt has been extended from nine years to fourteen years, providing a longer timeframe for municipalities to achieve financial stability.

Furthermore, the bill mandates that the director or their designee attend municipal council meetings in affected municipalities and requires a final report to be submitted to the Governor and Legislature by the 15th year following the determination of a municipality's need for stabilization and recovery. These changes aim to enhance the support and accountability mechanisms for municipalities struggling with financial challenges, ensuring they have adequate time and resources to implement effective recovery plans.

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