(a) Continuation.--As of the date of the termination of
distressed status occurring after the termination of
receivership status under this act, a municipality that is
levying, or had been authorized to levy within the previous
three fiscal years, a local services tax in excess of $52, a
judicially approved increase of a residential income tax rate,
or both, may, upon the termination of distressed status, without
court approval, levy the local services tax at a rate which does
not exceed $150 per year, the residential income tax at a rate
that does not exceed a judicially approved rate levied in the
course of receivership or both, for any year wherein the
currently available actuarially reported net other
postemployment benefits obligation of the municipality exceeded,
by at least 17%, the year-end balance of any other
postemployment benefits trust created by or for the municipality
as part of a recovery plan approved in this act. In the event
that a levy is made in excess of $52 for the local services tax,
a levy made in excess of 1% for residential income tax, or both,
the municipality shall solely apply local service taxes in
excess of $52 and a portion of residential income taxes in
excess of 1% in an amount that equals nonresident income taxes
paid for the year immediately preceding receivership, if any, to
defray current year other postemployment benefit obligations and
other postemployment benefit trust contributions or both, until
the other postemployment benefit trust ceases or the actuarial
audited other postemployment benefit trust balance equals or
exceeds 85% of the actuarially reported net other postemployment
benefit obligation of the municipality.
(b) Report.--The following shall apply:
(1) For each fiscal year that a municipality levies a
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