Concerns Municipal Stabilization and Recovery Act; extends for six years.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill, the Concerns Municipal Stabilization and Recovery Act, seeks to extend key provisions of a previous law (P.L.2016, c.4) for six years. It establishes a process for municipalities to be designated as ‘in need of stabilization and recovery’ and outlines how the state can assist them through a recovery plan. The bill also grants the Local Finance Board expanded authority to intervene in financially struggling municipalities, including the ability to assume municipal functions and oversee their finances.
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