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MS SB2397
Bill
AI Summary
- Extends the authorization period for business improvement districts from five years to ten years before reauthorization is required
- Reduces the voting threshold required to adopt, reauthorize, or modify a business improvement district from a simple majority to 60% of participating eligible property owners
- Requires reauthorization of districts during the last twelve months of the tenth year, with new district plans meeting all initial requirements plus reauthorization for another ten-year period
- Districts cease to exist at the conclusion of their ten-year period if reauthorization fails, provided all outstanding indebtedness is satisfied
- Effective date is July 1, 2012
Legislative Description
Business improvement districts; extend the period for which they are authorized and revise certain vote requirements.
Last Action
Died In Committee
4/3/2012
Full Bill Text
No bill text available