S.B. No. 3047 establishes the Pura Vida Municipal Management District No. 1 in Mustang Ridge, granting it the authority to issue bonds, impose assessments, fees, and taxes, and exercise limited eminent domain powers. The district's purpose is to promote economic development, enhance public welfare, and provide essential services such as water, wastewater, drainage, and recreational facilities, while ensuring that it supplements rather than replaces city services. The governance structure includes a board of five elected directors serving staggered four-year terms, with provisions for creating a nonprofit corporation to assist in project implementation. The bill also outlines the district's ability to engage in economic development programs, including loans and grants, and to contract for law enforcement services.

Additionally, the bill introduces specific provisions regarding the financial operations of the district, allowing it to issue bonds secured by various revenue sources, including ad valorem taxes, without requiring an election under certain conditions. It mandates that the district must impose a continuing direct annual tax to cover bond payments if bonds are issued based on ad valorem taxes. The bill also details the process for the dissolution of the district, which requires a written petition from property owners representing at least two-thirds of the assessed value or surface area, but prohibits dissolution if there are outstanding bonded debts or contractual obligations. Notably, the bill specifies that the district cannot exercise the power of eminent domain, establishing a unique legal framework for its operations.

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