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 a modification to 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, allowing for a more comprehensive approach to achieving 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 oversight and support for municipalities struggling financially, ensuring they have adequate time and resources to implement effective recovery plans.

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