Bill > A6118

This bill extends certain provisions of the Municipal Stabilization and Recovery Act, which provides a framework for the state to intervene in financially distressed municipalities. Specifically, it amends the law to extend the duration a municipality can be subject to these recovery provisions from the current timeframe to a period of up to 181 months, or until the end of its recovery plan, whichever is longer. It also extends the required length of a municipality's recovery plan from fourteen years to fifteen years. The bill also grants the Director of the Division of Local Government Services expanded authority to manage the finances and operations of municipalities in need of stabilization, including powers related to zoning and planning boards, redevelopment processes, and the Casino Reinvestment Development Authority if applicable. Furthermore, it adjusts the timeline for the director's final report to the Governor and Legislature regarding a municipality's recovery to the 16th year following the determination of need. The act takes effect immediately and is retroactive to December 1, 2025, with any actions taken during that retroactive period subject to review by the Director.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/A6118