TRENTON, NJ - Mayor Joe Bruno was in attendance on Tuesday at the statehouse steps in Trenton for Gov. Chris Christie's signing of the bill extension of the 2 percent interest arbitration. The law will go into effect retroactive  on April 2 and extends through the end of 2017. 

This law places a cap on raises police and firefighter unions can get in certain contract disputes. The original 2 percent cap was signed into law in 2010 and was part of the state's effort to limit property taxes from rising by more than 2 percent per year, with certain exceptions.

The negotiated cap extension has been relaxed slightly, with arbitrators allowed to award annual raises of 2 percent over the previous year's wages rather than 2 percent per year. 

The law also gives arbitrators more time to decide contracts, extends the window for appeals from unions, and increases the maximum amount that arbitrators can be paid.