New Jersey § 52:27bbbb-3

§ 52:27bbbb-3.

As used in P.L.2016, c. 4 ( C.52:27BBBB-1 et al.): “ Commissioner ” means the Commissioner of Community Affairs. “ Director ” means the Director of the Division of Local Government Services in the Department

of Community Affairs. “ Director's designee ” means one or more individuals designated by the director, as the director deems

appropriate, to act in the director's stead or exercise one or more of the authorities

granted to the director by the Local Finance Board pursuant to the terms of P.L.2016, c. 4 ( C.52:27BBBB-1 et al.). “ Fiscal distress ” means a fiscal condition based on a municipality's tax rate, cash deficit, insufficient

percentage of tax collections, insufficient collection of other revenues, over-anticipation

of the revenues of prior years, non-liquidation of interfund transfers, reliance on

emergency authorizations, continual rollover of tax anticipation notes, inefficiencies

in the provision of municipal services such that associated costs substantially exceed

costs for similar services in other municipalities, or other factors indicating a

constrained ability to meet the municipality's budgetary requirements. “ Governing body ” means the municipal council, committee, board, or other entity having control of

the finances of a municipality, and shall include the mayor. “ Local Finance Board ” means the Local Finance Board in the Division of Local Government Services in the

Department of Community Affairs. “ Municipality in need of stabilization and recovery ” means a municipality that: (1) has experienced a decrease of more than 50 percent

in its total assessed non-equalized property values during the five-year period terminating

at the end of the tax year immediately preceding the enactment of P.L.2016, c. 4 ( C.52:27BBBB-1 et al.), as determined by the director; and (2) has experienced an increase in outstanding

debt exceeding 50 percent during the immediately preceding five-year period, as determined

by the director, and upon the recommendation of the director finding that the municipality

is experiencing fiscal distress, the commissioner determines the municipality should

appropriately be subject to the provisions of P.L.2016, c. 4 ( C.52:27BBBB-1 et al.).