This bill establishes a uniform duration for latecomer agreements or payback districts related to the installation of public utilities, specifically water supply, sanitary sewer, or storm sewer systems. It mandates that these agreements or districts must be valid for no longer than three years from the date of recording. Additionally, it stipulates that property owners or developers are entitled to a pro rata share of reimbursement for the costs incurred in the installation of these utilities, provided that the installation has a reasonable possibility of benefiting nearby properties in the near future. The bill also clarifies the definition of a latecomer agreement or payback district, focusing solely on public utility reimbursements.

The bill includes several deletions from current law, notably removing references to street improvements and the term "consolidated" local government in various contexts. It also introduces new sections that outline the effective date of the act as July 1, 2023, and specifies that the act applies retroactively to agreements or districts created before this effective date. The intent is to codify these provisions as part of Title 7, chapter 13, ensuring clarity and consistency in the application of latecomer agreements and payback districts.