Within 30 days of the effective date of P.L. 2002, c. 43(C.52:27BBB-1 et al.), and thereafter within 30 days of the deadline for the adoption of municipal budgets pursuant to the "Local Budget Law,"N.J.S. 40A:4-1 for each calendar or State fiscal year, as appropriate to the budget adoption schedule, the commissioner shall make a determination regarding which municipalities fulfill the definition of a qualified municipality pursuant to P.L. 2002, c. 108(C.52:27BBB-2.1 et al) and shall notify the Governor, the State Treasurer, the mayor and each member of the governing body of each qualified municipality that the municipality is subject to the provisions of the "Municipal Rehabilitation and Economic Recovery Act," P.L. 2002, c. 43(C.52:27BBB-1 et al.). The date of the notification shall be considered the date a municipality is designated as a qualified municipality. In addition, the commissioner shall notify:
Any designation of a qualified municipality made pursuant to P.L. 2002, c. 43(C.52:27BBB-1 et seq.) prior to the enactment of P.L. 2002, c. 108(C. 52:27BBB-2.1 et al) is continued.
N.J.S. § 52:27BBB-4