After weeks of debate, hours of public testimony, and a contentious vote, Mayor Michael Bloomberg signed into law Monday his bill extending term limits, paving the way for his to run for a third time.

The measure will allow elected city officials to serve three consecutive four-year terms instead of two.

"We live in a society where we have real democracy and lots of people have the opportunity to input their views and approve or disapprove projects," said the mayor. "I just think three terms makes more sense than two."

Prior to the vote, the public got one last chance to sound off at City Hall.

More than 130 stood up and delivered their thoughts on the issue – including borough presidents, a former council speaker, council members, concerned citizens, and community activists. Each person was allowed two minutes to speak.

The public forum opened at 10 a.m., and ended at 2 p.m.

Opponents argued that the current legislation was voted in twice through two public referenda and that this move by the City Council smacks of being self-serving and runs against democracy as it over-rules the will of the people. They say the only way to revisit the issue is to hold another public referendum.

"If you wanted to revisit term limits no one would have complained," said city resident Benjamin Haber, who opposed to the bill. "But rigging it the way you did was old-time hack politics. I suggest you run as the hack party candidate."

"I take this moment to protest, to turn my back to you because you turned your back on me," said another opponent. "I have no desire to look at you because rent is too damn high and the city of New York, following the attack on the World Trade Center; there should have been a back-up plan. You failed to provide a back up plan for the people. You allowed the landlords to raise the rent eight times since you have been in office and now you want to come here for another term. We ask that you step aside and let term limits do their job."

Others warned that the mayor's standing could be affected in next year's election.

"You might think New Yorkers have short memories and with your $80 million you can buy people off," said opponent Michael Ribnicki. "That's not going to happen. People are going to remember."

The mayor says a referendum would be problematic because it faces considerable legal challenges and could hold up the process of elections.

Supporters of the mayor's proposal argue that a vote by City Council is a legal option, and that, like the mayor, they believe that under the circumstances of the current economic crisis the city is facing, the city needs to be pragmatic and allow the City Council to do this expediently.

"It's not an easy job; it's a tough job," said one Bloomberg supporter. "And now you're facing all this negative activity in this council, or actually this council went with you, and I'm proud of them, very proud of them, because you don't need this job, this job needs you."

"With term limits we have weakened our representative government. We have turned our representative government into a game of musical chairs," said supporter Kathryn Wylde of Partnership NYC.

"There is no one more capable in this city or as far as i'm concerned in this country to handle these problems than you, Mayor Bloomberg," said supporter Jacqueline Watkins Slifka.

The City Council passed the bill 29-22 on October 23rd, after weeks of highly-charged negotiations between council members and the mayor, and two marathon public hearings.

Opponents of the bill say they are in the early stages of filing a court challenge to block the legislation. State lawmaker Hakeem Jeffries said that this week he will introduce legislation amending the law to require a referendum.

The law will now go before the Justice Department.

The mayor began Monday's proceedings by signing some other bills, including the renaming of several streets in Queens and Manhattan, and a measure involving registration statements by homeowners.