By Daniel Munoz, includes “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. … ‘In the absence of much-needed federal assistance, this legislation will provide an important tool to New Jersey’s municipalities and counties, allowing them to have access to the funds needed to continue serving residents,’ the governor said in a Monday evening statement.”