Revises certain laws governing police and fire interest arbitration.

A STATEMENT section was added summarizing the full scope of the bill: information exchange duties between parties, specific data requirements for public employers (unit member lists, salary steps, increment costs), a mutual arbitrator selection process with a 3-business-day window, removal of the requirement for panel arbitrators to demonstrate professional qualifications, extension of the arbitration opinion deadline from 90 to 150 days (with up to 30 additional days by extension, capped at 180 total), extension of appeal filing from 14 to 21 days, a 10-day post-award meeting requirement, increase in arbitrator fees from $1,000 to $1,500 per day (total cap from $10,000 to $15,000), repeal of award amount limitations, and establishment of a Police and Fire Interest Arbitration Impact Task Force.

Minor punctuation changes: added a period after 'disqualified]', changed '$1,000' to '$ 1,000', removed commas around 'but not limited to', and adjusted line wrapping in the Local Finance Board section.

Removed the 'TR' (Technical Review) designation from the bill number and removed the co-sponsor line for Senator McKnight, consistent with formal introduction of the bill.