By Daniel J. Munoz, NJBIZ
Murphy approved a bill Monday evening that will let towns, cities and counties borrow money to offset losses from the COVID-19 pandemic, and handle the cost of dealing with the virus.
The new law, Assembly Bill 3971, allows towns to borrow money equaling up to 30 percent of their budget, backed by local tax revenue and, under a request from Murphy, payable over five years rather than a decade.
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