MO SB1058

Repeals and replaces section 67.456 of Missouri law relating to neighborhood improvement district bonds issued after August 28, 2004

Sets average maturity of bonds at no more than 120 percent of the average economic life of improvements, with average economic life certified by a licensed professional engineer

Requires bonds backed by voter-approved annual property taxes to be retired within 20 years from the date contracted

Requires bonds without voter-approved property taxes to be retired within the greater of 120 percent of average economic life or 30 years from the date contracted

Mandates that improvements on city or county property include maintenance provisions during the bond term and requires reassessment of unpaid costs proportionally when property is subdivided