1. (1) Establish a procedure under which towns and cities may levy property taxes;
2. (2) Provide for full disclosure of the effect of rate and base changes on property tax revenues;
3. (3) Establish a procedure for public hearings on proposed budgets;
4. (4) Require municipalities to adopt a balanced budget; and
5. (5) Provide for fiscal oversight of municipalities incurring an operating deficit or an accumulated deficit in the preceding fiscal year.

The purpose of this chapter is to:

History of Section.
P.L. 1979, ch. 298, § 1; P.L. 1981, ch. 297, § 1.