MS SB2614

Authorizes municipalities to establish special local improvement assessment districts and levy up to 6 mills in annual special assessments on taxable real property within those districts.

Requires either a resolution adopted by the governing authority plus a petition signed by owners of at least 60% of taxable real property in the proposed district, or an alternative procedure using homeowners' associations with a 60% property owner vote by ballot.

Permits assessment districts to use collected funds for local improvements including parks, sidewalks, streets, security enhancements, private patrol services, and property acquisition, as well as administrative and planning costs.

Authorizes municipalities and delegated urban renewal or redevelopment authorities to issue bonds payable solely from special assessments without debt limit restrictions and exempts such bonds from taxation.

Requires homeowners' associations managing districts to keep assessment funds separate, file annual audits with the municipal clerk, and dissolve districts only after all indebtedness is satisfied.