Bill > A5126

This bill extends the economic recovery term under the Municipal Rehabilitation and Economic Recovery Act (MRERA) for the City of Camden from 15 to 20 years. Specifically, the bill modifies two key definitions: "economic recovery term" and the duration of the municipality's period under rehabilitation and economic recovery. The economic recovery term is the period following the chief operating officer's term, which was previously set at 15 years and is now being extended to 20 years. This extension is intended to provide additional time for Camden to achieve fiscal stability and economic revitalization, acknowledging the city's ongoing unique fiscal challenges. During this extended economic recovery term, the mayor retains specific powers, such as vetoing minutes of independent boards and authorities, making appointments, and preparing capital improvement projects. The bill also requires the mayor to issue interim and final reports on the municipality's progress, with the interim report deadline now moved to June 30, 2026. The Director of Local Government Services will continue to conduct annual compliance audits to ensure the municipality adheres to relevant state laws.

Budget and Finance

https://www.njleg.state.nj.us/bill-search/2024/A5126