SCS HCS HB 1321 -- NEIGHBORHOOD IMPROVEMENT DISTRICTS

This bill prohibits the average maturity of bonds issued for
neighborhood improvement districts after August 28, 2004, from
exceeding 120% of the average economic life of the improvement
for which the bonds are being issued.  The bill 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.  No parcel of property which has had its
assessment paid in full can be reassessed or have its initial
assessment changed.  The governing body's election notice or the
voter petition must state that the annual assessment for
maintenance costs of the improvements must not exceed the
estimated annual maintenance costs by more than 25%.

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