HCS HB 1321 -- NEIGHBORHOOD IMPROVEMENT DISTRICTS (Schaaf)

This substitute states that bonds issued for neighborhood
improvement districts after August 28, 2004, cannot be issued for
a term longer than the useful life of the improvement for which
the bonds are being issued.  The substitute also requires that
any proposed improvement will include provisions for its
maintenance.

In the event that any parcel of property within the district is
divided into more than one parcel after the final costs of the
improvement are apportioned, all remaining costs assessed to the
original parcel will be recalculated and divided proportionally
to each of the parcels that result from the division.  No parcel
of property which has had its assessment paid in full can be
reassessed or have its initial assessment changed.

FISCAL NOTE:  No impact on state funds in FY 2005, FY 2006, and
FY 2007.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:15 am