MS HB1624

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

Allows districts to use assessment proceeds for local improvements including parks, sidewalks, streets, landscaping, security equipment, and patrol services, as well as planning, design, and maintenance costs.

Permits municipalities to issue bonds payable solely from special assessment revenues without pledging full faith and credit, with such bonds exempt from municipal debt limitations and legal investments for banks and insurance companies.

Requires homeowners associations managing districts to maintain separate accounting, conduct annual independent audits, and file audit reports with the municipality clerk for public review.

Amends Section 21-33-303 to exclude bonds issued under this act from municipal debt limitation calculations.