a. The “Municipal Rehabilitation and Economic Recovery Act,” P.L.2002, c.43 (C. 52:27BBB-1 et al.), provides for the appointment of a chief operating officer in a qualified municipality for a five-year period, referred to in that law as the rehabilitation term;

b. As of the effective date of P.L.2007, c.176 (C. 52:27BBB-2.2 et al.), that 2002 act has been implemented in one municipality in the State;

c. The fourth-year report of the chief operating officer appointed in that municipality, required pursuant to section 8 of P.L.2002, c.43 (C. 52:27BBB-8), recommended an extension of the rehabilitation term to allow for the implementation of the reforms anticipated by P.L.2002, c.43; and

d. Given the detailed assessment and recommendation in that fourth-year report, it is apparent that under certain circumstances a 10-year rehabilitation term is a more realistic period within which government reform may be effectuated in a qualified municipality.

L.2007, c.176, s.1.