MS SB2821

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 owners of at least 60% of the property.

Allows districts to be established through either a public hearing process or an alternative homeowners' association petition and ballot referendum procedure requiring 60% approval of property owners.

Permits use of assessment proceeds for local improvements including parks, sidewalks, streets, lighting, security enhancements, private patrol services, and property acquisition/rehabilitation, as well as administrative costs.

Authorizes municipalities and urban renewal agencies to issue bonds payable from special assessment revenues without voter election; bonds are excluded from municipal debt limitations and are legal investments for banks and insurance companies.

Amends Section 21-33-303 to exclude bonds issued under this act from municipal debt limitation calculations and exempts bonds and their income from state taxation.