MO HB1593

Establishes that the average maturity of bonds or notes issued under the neighborhood improvement district act shall not exceed 120 percent of the average economic life of the improvements financed.

Requires any improvement for which a petition is filed or election is held after August 28, 2004, to include provisions for maintenance of the project during the term of the bonds or notes.

Specifies that if property within a neighborhood improvement district is divided into multiple parcels within five years after final costs are assessed, unpaid assessment costs shall be recalculated and reassessed proportionally based on each resulting parcel's assessed valuation.

Requires each parcel resulting from a division to be responsible for a full share of assessment per lot if the original assessment used a per lot formula.

Directs that any additional funds received by the city or county from reassessment shall be used for expenses related to future neighborhood improvement district projects.