The bill amends the Improvement Special Assessment Act to clarify the responsibilities of property owners and lessees regarding special assessments. Specifically, it stipulates that special assessments shall be paid by property owners unless the property is under an industrial revenue bond lease, in which case the lessee is responsible for the payment. Additionally, it explicitly states that local governments will not be liable for these assessments. The bill also introduces new definitions related to industrial revenue bond leases and clarifies the types of properties that qualify for special assessments.

Furthermore, the bill updates various sections of the law to ensure that the definitions and processes surrounding special assessments are clear and comprehensive. Notable insertions include the definitions of "industrial revenue bond lease" and "lessee," which establish the context for the responsibilities of parties involved in such agreements. The amendments also reinforce that counties and municipalities are not liable for the debts associated with special assessments, thereby protecting local governments from financial obligations related to these assessments.

Statutes affected:
introduced version: 4-55D-2, 4-55D-5, 4-55D-7, 4-55D-10