MS SB3013

Authorizes municipalities with populations exceeding 190,000 to establish special local improvement taxing districts and levy an annual ad valorem tax of up to 6 mills on real property within the districts.

Requires either a resolution and petition signed by owners of at least 60% of taxable property in the proposed district, or an alternative procedure using homeowners' association boundaries with a ballot referendum.

Permits tax revenue to fund local improvements including parks, sidewalks, streets, security enhancements, private patrol services, and property acquisition/rehabilitation, as well as related administrative costs.

Authorizes issuing authorities to issue bonds payable solely from the special tax levied, without an election and without limitation on bond amount or inclusion in statutory debt limits.

Exempts bonds issued under this act and their income from state taxation and designates them as legal investments for commercial banks, savings and loan associations, and insurance companies.