Definitions relative to municipal stabilization and recovery

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.).