HB463 Summary

• Creates joint road improvement authorities for counties and participating municipalities as public corporations with power to issue bonds for road improvement purposes.

• Establishes incorporation procedures requiring application to probate judge and approval by governing bodies of county and participating municipalities; minimum of three incorporators required.

• Allows reincorporation and validation of existing road improvement commissions in counties with Class 4 municipalities that may have procedural defects, with retroactive effect to original creation date.

• Grants authorities broad powers including acquiring property, improving roads and facilities, issuing bonds, collecting fees and tolls, entering contracts, and making grants to public entities and charitable organizations.

• Exempts authority bonds and property from taxation, limits authority liability to $100,000 per person/$300,000 aggregate for bodily injury/death and $100,000 for property damage, and authorizes dissolution with property transfer to county upon dissolution.