|SB 0619||Revises requirements and bonded indebtedness for Neighborhood Improvement Districts|
|LR Number:||2929S.01I||Fiscal Note:||2929-01|
|Committee:||Local Government and Economic Development|
|Last Action:||01/18/00 - Hearing Conducted S Local Government & Economic||Journal page:|
|Effective Date:||August 28, 2000|
SB 619 - This act makes four changes in the law regarding Neighborhood Improvement Districts (NIDs):
1) Any NID formed pursuant to a petition shall be designated as such if 2/3 of area property owners agree to the district.
Current law establishes the NID by petition if the owner(s) of 2/3 of the impacted area approve of the district formation.
2) The bonded indebtedness authorized, pursuant to a vote or authorized by the residents in the NID is limited to 50% of the assessed valuation in the NID area. If the bonded indebtedness is approved by the required majority of voters in the city or county in which the NID is situated, the bonded indebtedness my equal 100% of the assessed valuation of the NID area.
Current law limits bonded indebtedness of the NID to 10% of the assessed valuation of the property within the city or county.
3) A separate maintenance levy, not to exceed twenty cents per one hundred dollars of assessed valuation, may be adopted by petition or included on the ballot question as part of the question of project debt or as a separate issue.
4) Any project requiring issuance of one million dollars or
more of bonded indebtedness requires a financial advisor or
underwriter to be selected by the governing body through a