21-43-131 - Duration of initial authorization of district; requirements and procedure for reauthorization. - Mississippi Statutes

§ 21-43-131. Duration of initial authorization of district; requirements and procedure for reauthorization.
 

The initial authorization for any business improvement district shall be for five (5) years. During the last twelve (12) months of the fifth year of the authorization, a new district plan must be developed which meets all of the initial requirements of the district plan plus reauthorizes the district for another five (5) years. Reauthorization requires the same approval process as initial establishment and authorization of the district. Should the district fail to receive reauthorization from the affected property owners in the district, the business improvement district will cease to exist at the conclusion of the most recently approved five-year period or as soon thereafter as any outstanding indebtedness is satisfied. The ability to reauthorize rests solely with the affected property owners in the district. 
 

Sources: Laws,  1995, ch. 442, § 16, eff from and after passage (approved March 21, 1995).