MS HB1776

Authorizes the City of Jackson to establish special local improvement assessment districts and levy an annual assessment of up to 6 mills on taxable real property within such districts, subject to approval by owners of at least 60% of property in the proposed district.

Districts may be created through two procedures: (1) a resolution adopted after public hearing with 60% property owner petition, or (2) within homeowners' association boundaries via ballot referendum requiring 60% approval.

Assessment proceeds fund local improvements including parks, sidewalks, streets, landscaping, security enhancements, private patrol services, and property acquisition/rehabilitation.

Municipalities may issue bonds payable solely from special assessments without applying to debt limitation caps, and bonds are exempt from state taxation and constitute legal investments.

Districts created under homeowners' association procedures (Section 2(2)) must disperse assessment revenues to the association within 21 days of county collection or by the 20th of the following month if municipally collected, with the municipality retaining funds needed for bond debt service.