SENATE COMMUNITY AFFAIRS COMMITTEE

STATEMENT TO

[First Reprint]

ASSEMBLY, No. 2555

STATE OF NEW JERSEY

DATED: JUNE 5, 1997

      The Senate Community Affairs Committee reports favorably Assembly Bill No. 2555 (1R).

      This bill would permit a local unit to adopt an ordinance authorizing special emergency appropriations for the payment of contractually required severance liabilities resulting from the layoff or retirement of employees, when the total liability is in excess of 10 per cent of the amount to be raised by taxes for municipal purposes in the fiscal year in which the layoffs or retirements take place.

      The bill provides that its provisions would take effect immediately and be retroactive to December 1, 1996.

      This bill is identical to Senate Bill No.1847 as amended and reported by the Senate Community Affairs Committee this date.