Senate Bill 1460 amends Chapter 403 of the Private Acts of 1951, which governs the City of Erin, by making significant modifications to the legal framework surrounding the qualifications for electors and city officials. The bill deletes specific subdivisions in Article I, Section 1.02, and revises the definition of "Elector" to clarify the criteria for non-resident property owners eligible to vote. It also introduces new provisions that expand the powers and responsibilities of the Board of Mayor and Aldermen, allowing them to appoint boards and commissions, manage city property, and oversee financial matters. Additionally, the qualifications for holding office as Mayor or Alderman are updated, including residency requirements and disqualifications based on criminal history or financial obligations.

The bill further addresses property tax levies and penalties for late payments, establishing that the Board of Mayor and Aldermen must set a tax levy as a fixed rate per one hundred dollars of assessed valuation, with the previous year's rate continuing if no new levy is made within ninety days of the tax due date. It modifies the penalty structure for late payments to include a three percent penalty for each month of delay and raises the threshold for unbudgeted expenditures from $2,500 to $5,000. The Board is also granted the authority to select official depositories for city funds and require collateral security as necessary. The enactment of this bill requires a two-thirds vote from the legislative body of the City of Erin and will take effect immediately upon approval, with other provisions taking effect as specified by the voting outcome.