NJ A5126

Extends the economic recovery term for qualified municipalities under the Municipal Rehabilitation and Economic Recovery Act (MRERA) from 15 years to 20 years following the end of the chief operating officer's term

Continues special governing procedures during the extended period, including the mayor's power to veto actions of independent boards and authorities such as housing, parking, and redevelopment authorities

Moves the deadline for the mayor's interim progress report on municipal rehabilitation from June 30, 2021 to June 30, 2026

Maintains additional oversight through annual compliance audits by the Director of the Division of Local Government Services throughout the economic recovery term

Applies specifically to the City of Camden, which qualifies under MRERA based on its dependence on state aid for over 55% of its budget and history of state financial supervision