local improvement district
(redirected from Rural municipality)Also found in: Acronyms, Wikipedia.
local improvement district
A mechanism for property owners with common concerns to band together and assess themselves for purely local improvements such as sidewalk repair, neighborhood park rehabilitation, irrigation, and flood control. The local improvement districts must be authorized by state law and follow specific state procedures for formation, governance, and the issuance of bonds to finance the projects.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.