HB 1623 Summary

• Authorizes municipalities to create special local improvement assessment districts and levy up to 6 mills in annual special assessments on taxable real property within those districts, subject to petition approval by owners of at least 60% of property in the district and public hearing requirements.

• Establishes two procedures for district creation: one requiring municipal governing authority resolution and property owner petition, and an alternative procedure for districts within homeowners' association boundaries requiring ballot referendum with 60% approval.

• Permits districts to fund local improvements including parks, sidewalks, streets, lighting, security equipment, and private patrol services through special assessment proceeds and allows municipalities to issue bonds payable solely from these assessments without voter approval.

• Requires homeowners' associations in districts established under the alternative procedure to submit annual improvement plans to municipalities and maintain separate accounting with independent annual audits filed with the municipal clerk.

• Exempts bonds issued under this act from the municipality's debt limitation and makes the bonds legal investments for financial institutions; amends Section 21-33-303 to specifically exclude these bonds from statutory debt calculations.