MS HB1942

Municipalities may issue conduit bonds to finance redevelopment projects under the Tax Increment Financing Act, with bonds secured by taxpayer agreements, liens, tax increment revenues, or private security

Taxpayer agreements are voluntary contracts between municipalities and property owners/developers that can guarantee bond repayment or provide payments in lieu of tax increment revenues, with terms not exceeding 30 years

Liens created under taxpayer agreements have parity with ad valorem tax liens, take priority over subsequent mortgages or encumbrances, and can be enforced and foreclosed like delinquent property taxes

Taxpayer agreements do not constitute public debt, taxes, or pledges of governmental credit, and municipalities have no obligation to advance funds or levy taxes for bond payment

The definition of "redevelopment project" is expanded to include costs of acquiring, constructing, installing, and equipping public or private improvements, including buildings, when undertaken by developers