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MS HB1014
Bill
Status
3/5/2024
Primary Sponsor
Lester Carpenter
Click for details
AI Summary
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Increases the maximum surety bond amount for municipal aldermen and councilmen from $100,000 to $1,000,000.
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Bond requirement remains 5% of municipal taxes shown on assessment rolls for the preceding year, but is now capped at the higher $1,000,000 limit instead of $100,000.
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Maintains minimum bond requirement of $50,000 for municipalities with population exceeding 2,000 according to the latest federal decennial census.
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Allows any municipality taxpayer to sue on the bond for municipal benefit, with the taxpayer liable for all costs if the suit fails.
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Takes effect July 1, 2024.
Legislative Description
Aldermen and councilmen; increase the maximum amount of surety bond that may be given by.
Last Action
Died In Committee
3/5/2024