A 3603
Extends certain provisions of the Municipal Stabilization and Recovery Act for five years.
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Bill overview
This bill extends the provisions of the Municipal Stabilization and Recovery Act for five years. It maintains the process for municipalities to be deemed ‘in need of stabilization and recovery’ and requires these municipalities to develop and submit a recovery plan to the commissioner. The plan must detail steps to achieve financial stability, including budget adjustments, tax payments, debt repayment, and future revenue strategies. If the commissioner approves the plan, certain oversight requirements are suspended; otherwise, the municipality remains subject to the Act’s provisions.
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